欧普照明: 欧普照明股份有限公司2025年年度报告（英文版）

                        Annual Report 2025 of OPPLE Lighting Co., Ltd.
Stock Code: 603515                                                       Stock Name: OPPLE Lighting
                      欧普照明股份有限公司
                     OPPLE Lighting Co., Ltd.
                       Annual Report 2025
                                     April 2026
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                      IMPORTANT NOTES
I. The Board of Directors, directors, and executives of the Company undertake that the contents of
this Annual Report are truthful, accurate, and complete without any misrepresentation, misleading
statement, or material omission. They assume joint and several liabilities arising therefrom.
II. All directors of the Company attended the Board meeting.
III. BDO China Shu Lun Pan Certified Public Accountants LLP (Special General Partnership) has
issued a standard unqualified audit report for the Company.
IV. Mr. Wang Yaohai (Company Head), Ms. Wang Haiyan (Chief Accountant), and Mr. Tao
Leiguang (Head of Accounting Department) hereby certify that the financial statements set out in
the annual report are true, accurate, and complete.
V. Profit Distribution Plan or Plan of Converting Capital Reserve into Share Capital, Approved by
the Resolution of the Board of Directors in the Reporting Period
      After having been deliberated and approved at the 11th meeting of the 5th Board of Directors held on
April 22, 2026, the Company’s 2025 profit distribution plan proposes a cash dividend of RMB 8.5 per 10
shares (including tax), based on the total share capital of the Company less the number of shares held in the
special repurchase account. Based on the total share capital as of the disclosure date of this Report
(743,207,949 shares) less the number of shares held in the special repurchase account (3,224,214 shares),
the amount of cash dividends (including tax) is estimated to be RMB 628,986,174.75, representing
total actual distribution amount shall be calculated based on the total number of shares entitled to the
equity distribution on the record date for the equity distribution, less the number of shares held in the
special repurchase account. If there is a change in the total share capital and the number of shares in the
special repurchase account before the record date for the equity distribution, the Company intends to
maintain the same dividend per share and adjust the total distribution amount accordingly. For the 2025
profit distribution, the Company does not propose to issue bonus shares to shareholders or to convert
capital reserve into share capital.
      The year 2026 marks the 30th anniversary of the Company’s brand founding and the 10th anniversary
of its listing. To thank shareholders for their long-term support, reward investors, continuously improve
shareholder returns, preserve the Company's value, and safeguard the legitimate rights and interests of all
shareholders, the Company to distribute additional special dividends in mid-2026. The Board of Directors
requests the General Meeting of Shareholders to authorize it to determine and implement the Company's
      The aforementioned 2025 annual profit distribution plan and the authorization regarding the 2026
interim profit distribution are shall be implemented only after being submitted to the General Meeting of
Shareholders for deliberation and approval.
Unrecovered losses of the parent company at the end of the reporting period and their impact on
the Company’s profit distribution and other related matters.
□Applicable √Not Applicable
VI. Risk Statement with Respect to Forward-looking Statements
√Applicable □Not Applicable
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
    The forward-looking statements, such as plans and development strategies, mentioned in this Report
do not constitute a substantial commitment by the Company to investors. Investors are kindly advised to
be aware of investment risks.
VII. Occupation of the Company's Funds by the Controlling Shareholder or Other Related Parties
for Non-Operating Purposes
No
VIII. Provision of External Guarantees in Violation of Prescribed Decision-making Procedures
No
IX. Inability of Over Half of the Directors to Ensure the Truthfulness, Accuracy, and Completeness
of the Annual Report Disclosed by the Company
No
X. Major Risk Warnings
The Company has provided a detailed description of the significant risks that may arise in its business
operations in this Report. Please refer to the relevant description under the "Possible Risks" subsection of
Section III "Management’s Discussion and Analysis" herein. The Company reminds the investors of
investment risks.
XI. Others
□Applicable √Not Applicable
This report is prepared in Chinese. An English translation is provided for reference only. In case
of any differences between the Chinese version and the English translation, the Chinese version
shall prevail.
                                       Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                               Contents
                    The 2025 annual financial statements of the Company, bearing the signatures and seals
                    of the Legal Representative, Chief Accountant, and Head of Accounting Department.
     List of
                    The original 2025 annual audit report of the Company, bearing the seal of the
   Documents
                    accounting firm and the signature of the certified public accountant.
  Available for
                    All documents publicly disclosed by the Company in the China Securities Journal,
   Inspection
                    Shanghai Securities News, Securities Times, Securities Daily, and on the Shanghai
                    Stock Exchange website during the reporting period.
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                     Section I Definitions
    I. Definitions
In this Report, unless the context otherwise requires, the following terms have the meanings set forth
below:
Definition of Common Terms
OPPLE Lighting, our company,
                                    refers to   OPPLE Lighting Co., Ltd.
the Company
                                                Zhongshan OPPLE Investment Co., Ltd., which is the
Zhongshan OPPLE                     refers to
                                                controlling shareholder of the Company
                                                Shanghai Fengyue Enterprise Management Partnership
Shanghai Fengyue                    refers to
                                                (Limited Partnership)
                                                Nantong Songyue Enterprise Management Partnership
Nantong Songyue                     refers to
                                                (Limited Partnership)
Reporting Period                    refers to   From January 1, 2025 to December 31, 2025
Yuan                                refers to   Renminbi (RMB)
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
           Section II Company Profile and Key Financial Indicators
     I. Company Information
        Company Name in Chinese                                 欧普照明股份有限公司
      Abbreviated Name in Chinese                                       欧普照明
        Company Name in English                                OPPLE Lighting Co., LTD
       Abbreviated Name in English                                       OPPLE
           Legal Representative                                       Wang Yaohai
     II. Contacts and Contact Information
                                        Board Secretary                 Securities Affairs Representative
          Name                              Hu Xing                                   Zhong Jiani
                              Building V1, The Mixc, No. 1799          Building V1, The Mixc, No. 1799
         Address              Wuzhong Road, Minhang District,          Wuzhong Road, Minhang District,
                                         Shanghai                                 Shanghai
           Tel                    021-38550000 (Ext. 6720)                 021-38550000 (Ext. 6720)
           Fax                    021-38550000 (Ext. 6720)                 021-38550000 (Ext. 6720)
          Email                       Public@opple.com                           Public@opple.com
     III. Basic Information
                                                     Room 411, Building 1, No. 6111 Longdong Avenue,
             Registered Address
                                                               Pudong New Area, Shanghai
      Changes of the Registered Address                                        None
                                                     Buildings V1, V2, V3, The Mixc, No. 1799 Wuzhong
                 Office Address
                                                              Road, Minhang District, Shanghai
       Zip Code of the Office Address                                      201103
             Company Website                                     http://www.opple.com.cn/
                     Email                                           Public@opple.com
     IV. Information Disclosure and Storage Location
                                               China Securities Journal, https://www.cs.com.cn/;
Name and Website of the Designated Media for Shanghai Securities News, https://www.cnstock.com/;
         Annual Report Disclosure            Securities Times, https://www.stcn.com/; and Securities
                                                           Daily, http://www.zqrb.cn/
Website of the Designated Stock Exchange for            Shanghai Stock Exchange website
         Annual Report Disclosure                           http://www.sse.com.cn/
      Storage Location of Annual Report                        Board Office of the Company
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
      V. Stock Listing
                                              Stock Information
                                                                                               Stock Abbreviation
   Class of Stock          Stock Exchange        Stock Name                 Stock Code
                                                                                                 before Change
                           Shanghai Stock
      A-Share                                  OPPLE Lighting                 603515             Not applicable
                             Exchange
      VI. Other Related Data
                                                                    BDO China Shu Lun Pan Certified Public
                                            Name
                                                                  Accountants LLP (Special General Partnership)
Accounting Firm Engaged by the                                    4/F, New Huangpu Financial Building, No. 61
                                       Office Address
    Company (Domestic)                                                    Nanjing East Road, Shanghai
                                          Signing
                                                                            Chen Lei, Lin Yancheng
                                         Accountants
      VII. Key Accounting Data and Financial Indicators for the Past Three Years
(I) Key Accounting Data
                                                                                  Unit: Yuan      Currency: RMB
                                                                             YoY Change
         Item                     2025                       2024                                     2023
                                                                                (%)
Operating revenue             6,970,146,425.51      7,096,343,305.89                   -1.78     7,794,988,062.81
Total profit                  1,083,251,582.76      1,029,848,641.98                   5.19      1,082,097,322.45
Net profit attributable
to shareholders of the         920,496,707.23           902,969,226.83                 1.94        924,070,111.39
listed company
Net profit attributable
to shareholders of the
Company            after
deducting
non-recurring gains
and losses
Net cash flow from
operating activities
                                                                             YoY Change
                            At the end of 2025    At the end of 2024                           At the end of 2023
                                                                                (%)
Net assets attributable
to shareholders of the        7,012,425,977.52      6,724,041,618.42                   4.29      6,648,896,823.59
Company
Total assets                  9,618,649,664.87      9,677,159,855.32                   -0.60     9,877,441,744.50
(II) Key Financial Indicators
                       Item                                 2025         2024     YoY Change (%)             2023
Basic EPS (RMB/share)                                             1.26     1.23                   2.44         1.25
Diluted EPS (RMB/share)                                           1.26     1.23                   2.44         1.25
Basic EPS after deducting non-recurring gains
and losses (RMB/share)
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
  Weighted average return on equity (%)                       13.62     13.51                  0.11%     14.56
  Weighted average return on equity after
  deducting non-recurring gains and losses (%)
  Explanation of key accounting data and financial indicators of the Company for the past three years at the
  end of the reporting period
  □Applicable √Not Applicable
       VIII. Differences in Accounting Data Under Domestic and Foreign Accounting Standards
  (I) Differences in Net Profit and Net Assets Attributable to Shareholders of the Listed Company in
  Financial Reports Disclosed in Accordance with International Accounting Standards and Chinese
  Accounting Standards
  □Applicable √Not Applicable
  (II) Differences in Net Profit and Net Assets Attributable to Shareholders of the Listed Company in
  Financial Reports Disclosed in Accordance with Foreign Accounting Standards and Chinese
  Accounting Standards
  □Applicable √Not Applicable
      (III) Explanation of Differences Between Domestic and Foreign Accounting Standards:
  □Applicable √Not Applicable
       IX. Main Financial Data by Quarters in 2025
                                                                                  Unit: Yuan    Currency: RMB
                                   Q1                                          Q3                    Q4
                                                         Q2
                                (January -                                   (July -              (October -
                                                    (April - June)
                                  March)                                   September)             December)
Operating revenue            1,490,850,889.93     1,725,104,129.19       1,691,751,651.66       2,062,439,754.73
Net profit attributable to
shareholders      of   the    141,170,841.28        227,912,461.60        207,694,870.19          343,718,534.16
Company
Net profit attributable to
shareholders      of   the
Company after deducting         88,082,414.60       191,107,672.98        182,637,117.81          317,517,735.54
non-recurring gains and
losses
Net cash flow from
                               -38,411,177.56           -2,671,787.92     223,270,148.86          507,687,296.13
operating activities
  Explanation of differences between quarterly data and data in disclosed periodic reports
  □Applicable √Not Applicable
       X. Items and Amounts of Non-recurring Gains and Losses
  √Applicable □Not Applicable
                                                                                  Unit: Yuan    Currency: RMB
                                   Annual Report 2025 of OPPLE Lighting Co., Ltd.
                      Item                           Amount in 2025             Amount in 2024     Amount in 2023
Gains and losses from the disposal of
non-current assets, including the reversal of                 -654,007.78           -699,272.98        -946,000.41
recognized impairment provisions for assets
Governmental subsidies recognized in the
current profit or loss, except those that are
closely related to the Company's normal
operations, comply with national policies, are            85,689,815.52           93,397,397.84      36,088,879.32
entitled under established criteria, and have a
continuous impact on the Company's profit or
loss
Gains and losses arising from changes in the
fair value of financial assets and financial
liabilities held by non-financial enterprises, as
well as gains and losses from the disposal of             81,916,662.59           73,170,147.45      32,144,122.49
financial assets and financial liabilities, except
for effective hedging transactions related to the
Company's normal operations
Gains and losses from entrusted investment or
                                                              -878,741.62             -21,974.41      1,572,987.24
management of assets
Reversal of impairment provision for
receivables subject to separate impairment tests
Gains and losses from debt restructuring                                    -        167,385.47                     -
Other non-operating income and expenses                       1,244,200.77        19,580,732.31      22,926,194.44
Other profit and loss items that meet the
definition of non-recurring gains and losses
Less: Impact of income tax                             -31,170,348.06             -30,879,907.76     -16,210,110.59
Impact of minority equity (after-tax)                                1,770.39           -500.02        -334,681.33
                      Total                           141,151,766.30             156,541,455.22      76,157,469.12
  Explanations shall be made for the Company's recognition of items not listed in the Explanatory
  Announcement No. 1 on Information Disclosure by Companies Publicly Offering Securities –
  Non-recurring Gains and Losses as items of non-recurring gains and losses with significant amounts, as
  well as the classification of items of non-recurring gains and losses listed in the Announcement as items of
  recurring gains and losses.
  □Applicable √Not Applicable
     XI. Optional Disclosure of Net Profit After Excluding the Impact of Share-Based Payments for
     Companies with Equity Incentive Plans or Employee Stock Ownership Plans
  √Applicable □Not Applicable
                                                                                      Unit: Yuan   Currency: RMB
  Key Accounting Data              2025                       2024              YoY Change (%)        2023
  Net profit after
  excluding the impact
  of share-based
  payments
                                    Annual Report 2025 of OPPLE Lighting Co., Ltd.
      XII. Items Measured at Fair Value
      √Applicable □Not Applicable
                                                                                     Unit: Yuan   Currency: RMB
                                                                                  Change during the     Effect on
           Item                Opening Balance          Closing Balance
                                                                                   Current Period     Current Profit
Held-for-trading   financial
assets
Held-for-trading   financial
liabilities
Receivables financing                              -                  56,000.00           56,000.00                    -
Investments in other equity
instruments
Other non-current financial
assets
          Total                  4,331,636,912.87       3,860,045,474.94            -471,591,437.93   81,037,920.97
            XIII. Others
      □Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
               Section III         Management’s Discussion and Analysis
    I. Business Operations of the Company during the Reporting Period
    OPPLE is a green, energy-saving, and smart lighting enterprise, mainly engaged in the R&D,
production, and sales of home and commercial lighting fixtures, light sources, and control products, and is
gradually transforming into a provider of comprehensive solutions for intelligent lighting systems.
     The Company's business model is mainly based on distribution and direct sales, expanding its sales
network by penetrating into lower-tier markets, offering value-added services via lighting solutions,
creating a diversified channel network by integrating online and offline channels, and enhancing brand
influence through overseas expansion. Leveraging its extensive product portfolio, the Company has
adopted a predominantly self-manufacturing approach, staying abreast of market trends, maintaining strict
production controls, and boosting R&D investment to meet the market’s demand for diversified,
high-quality products.
Explanation of significant new non-main operations of the Company during the reporting period
□Applicable √Not Applicable
    II. Overview of the Industry in Which the Company Operated during the Reporting Period
      According to the Industrial Classification for National Economic Activities released by the National
Bureau of Statistics of China, the lighting industry is classified into general lighting sector and special
lighting sector by applications. General lighting encompasses common application scenarios such as
homes, shops, offices, hotels, municipal and industrial facilities, and landscapes, while special lighting
covers professional application fields such as automotive lighting and emergency lighting. Based on its
product features and applications, the Company operates within the general lighting sector.
      From an industry development perspective, driven by energy-saving and emission reduction policies,
as well as users' pursuit of dynamic dimming and color tuning, and human-centric lighting, the penetration
rate of the LED smart lighting market is accelerating. In recent years, China has issued a series of industry
plans and policies for the intelligent lighting industry, including the Notice on Several Measures to
Promote Home Consumption by 13 Authorities including the Ministry of Commerce and the Work Plan
for Stable Growth of Light Industry (2023-2024), which have created clear and promising market
prospects for the development of the intelligent lighting industry and fostered a favorable production and
operating environment for businesses. In addition, according to TrendForce, as advanced technologies
such as the Internet of Things (IoT) and artificial intelligence (AI) continue to integrate, manufacturers
with capabilities in software and hardware integration, ecosystem synergy, and understanding of
scenario-based applications will have a better chance of gaining a competitive advantage in the future
intelligent lighting market.
      Intelligent lighting refers to the use of advanced technologies such as IoT, cloud computing, and AI
to equip lighting systems with capabilities for environmental awareness, intelligent analysis, automatic
execution, and continuous optimization, thereby providing more energy-efficient, more comfortable, more
efficient, and customizable lighting solutions. The Special Research Report on Survey and Industry
Outlook Forecast of Global and Chinese Intelligent Lighting Market 2025 - 2030, released by the ASKCI
Industrial Research Institute, reveals that China's intelligent lighting market recorded a shipment volume
of approximately 33.79 million units in 2023, representing a year-on-year growth of 20.7%; the volume
rose to around 39.87 million units in 2024, and is projected to reach 47.05 million units in 2025.
     The intelligent lighting industry is characterized by its extended chain structure and broad application
scenarios. Its upstream segment consists of various raw material providers, technical support platforms,
system and software providers required for the production of intelligent lighting products, which is
capital- and technology-intensive and accounts for 70% of the total manufacturing costs of intelligent
                                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
lighting products. The midstream segment includes various intelligent lighting solution providers, who
develop integrated intelligent lighting solutions based on upstream hardware, technologies, and systems.
The downstream segment mainly comprises various integrated application scenarios and end users. Based
on the characteristics of its products and solutions, the Company operates in the midstream segment of the
industry chain.
                                      Composition of the Intelligent Lighting Industry Chain
                      Module                                                                                               Online channels
                    manufacturers                           Intelligent lighting
                                                                enterprises
                                                                                                      C-end applications
                       Chip
                    manufacturers                           Traditional lighting                                           Offline channels
                                                                                         Downstream
                                                Midstream
     Upstream
                                                                enterprises
                       Driver
                    manufacturers                                                                                           Industrial and
                                                             Intelligent home
                                                                                                                             commercial
                                                                enterprises
                   Cloud platform                                                                                              lighting
                      vendors                                                                         B-end applications
                                                            Other cross-industry
                 Manufacturers of sensors,                      enterprises                                                    Outdoor
                power supplies, panels, etc.                                                                                lighting, etc.
    III. Discussion and Analysis of Operations
      In 2025, the lighting industry accelerated its evolution from the era of luminous efficacy to the era of
light value, with trends such as intelligence, AIoT (Artificial Intelligence Internet of Things), and smart
cities deeply reshaping the industrial landscape. In this context, the Company adhered to the corporate
mission of "creating value with light", focused on intelligent lighting applications, integrated AI and
digital technologies into the entire operation and management chain through innovative products and
solutions, and continuously enhanced its comprehensive competitiveness. During the reporting period, the
Company achieved operating revenue of RMB 6.97 billion and a net profit attributable to shareholders of
the Company of RMB 920 million. The business highlights are as follows:
    (I) Innovative Spectrum and Products, a Leap from "Illuminating Space" to "Caring for
People"
     With the ever-growing demand for healthy lighting, the Company continued to explore the health and
emotional value of light based on its physical properties. In 2025, the Company launched the
second-generation SDL (Software Defined Lighting) Smart Spectrum Technology and upgraded this
spectral technology in the second half of the year. In addition to achieving natural light quality at all times,
the Company exploited a wider range of beneficial light wavelengths, creating a comfortable visual
environment while covering newly added scenarios that involve the deep red to near-infrared spectral
range. The Clarity Light 2.0 spectrum jointly developed by the Company and Wuhan University not only
meets the Illuminance 3A and Light Quality 3A standards for white light, but also has been validated
through both physiological and subjective experiments to be effective in alleviating anxiety, providing
users a more relaxed and natural visual experience in learning and homework scenarios. For
elderly-friendly lighting, through a joint laboratory with Fudan University, the Company conducted field
research and scientific verification, and released the white paper, Design Principles of Elderly-friendly
Lighting Environment Based on Human-centric Lighting. This guide defines a clear design framework for
elderly-friendly lighting and introduces targeted spectral combinations that compensate for age-related
crystalline lens yellowing, significantly improving color recognition of the elderly.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
      Focusing on user demands for intelligence, aesthetics, and cost-effectiveness, the Company deeply
integrates cutting-edge technologies into its product lines, including lighting, electrical products, and
appliances, empowering a superior life experience with innovative technologies. For home lighting, the
flagship product "Wellsky MAX" launched in 2025 deeply integrates SDL smart spectrum technology
with industrial design aesthetics. It features an innovative three-sided light-emitting structure that extends
light to the ceiling, maintaining a transparent texture while delivering both "wall wash" and "ceiling wash"
effects. This design creates a profound, three-dimensional premium light environment for users. The
Company launched a new generation of miniature spotlights for high-end retail and art exhibition spaces.
With an efficient heat dissipation design and an upgraded optical platform, the product achieves a 40%
volume reduction at the same luminous flux, and its brightness reaches three times the industry average
for products of the same size. The product features a minimalist design that elevates the spatial aesthetics,
and is widely used in venues with extremely high lighting quality requirements such as art galleries, brand
flagship stores, and museums. It also significantly reduces material consumption, lowers carbon emissions,
and contributes to China's carbon peaking goal. In order to meet the demand for non-sensory control in
lighting spaces, the Company released the Human Presence Illuminance Sensor 2.0, which uses 24GHz
microwave radar, PIRs (passive infrared sensors), and ambient light sensing technology to further enhance
its anti-interference capability. It supports left and right zoning to accurately detect the movement and
stationary states of occupants, enabling "auto-on/off" control based on occupancy, and works with
luminaires for adaptive brightness adjustment. For intelligent control in large spaces, the Company has
launched the SDL Screen 2.0 control system, which supports Wi-Fi and wired dual-mode deployment, and
features robust grouping management and signal synchronization. A single host can connect multiple
slaves to achieve efficient control of lighting clusters in large-span spaces such as mall atriums and airport
lobbies.
      In terms of electrical products, the Company launched a combination of the Premium series ultra-thin
intelligent switches and ultra-thin traditional sockets in quick response to the market's demand for both
aesthetics appeal and cost-effectiveness. Furthermore, the Company released the smart voice control
panel X02 series, which integrates multiple functions including a gateway, scene control, voice
interaction, and entertainment, and leverages AI voice technology to achieve intelligent management of
whole-house devices. Besides, the Company successfully adapted its traditional wall switch products to
British standard-compliant product markets by leveraging its in-house ultra-thin switch production
platform to achieve a breakthrough in global market expansion, and expanded its presence in Southeast
Asian and Middle Eastern markets with its differentiated silver-ion antibacterial ultra-thin switches. For
electrical appliances, the Company launched its new human presence-sensing intelligent bath heater,
which is equipped with high-sensitivity millimeter wave radar to actively capture and track user
movements and activate preset modes without any manual operation. The product features a multi-point
three-dimensional temperature measurement system combined with an AI constant temperature algorithm
to deliver precise, evenly distributed warm airflow. Additionally, with a sensor serving as the signal
trigger, the product allows users to freely bind function combinations including lighting, night lights, and
heating, creating a personalized smart bathroom experience for users.
    (II) Driving Channel Upgrade and User Experience Innovation via Intelligent Lighting
Solutions
     In recent years, the home lighting industry has been increasingly focused on intelligence, quality, and
scenario-based applications. The role of light has transformed from basic illumination to a key factor in
adapting to human rhythms, integrating into living scenes, and enhancing spatial aesthetics. In 2025, the
Company responded to consumer demand for upgraded life quality, and strove for the vision of "Building
a Healthy and Smart Life with Light." It forged the full-chain capabilities across hardware products,
software systems, and AI design tools, integrated its full range of lighting products, such as ceiling lights,
decorative lights, and downlights, developed supporting smart switches, smart sunshading systems and
smart sensors, and provided customers with integrated whole-house intelligent lighting solutions covering
the full process from design to delivery, steadily realizing the strategic transformation from "selling
luminaires" to "creating a smart lighting environment," and providing consumers with upgraded value
from product utility to smart lighting experiences.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
      The Company seized the industry opportunity brought about by the growing trend of whole-house
intelligence and actively optimized its layout of home lighting channels during the reporting period to
expand its user base and strengthen consumer mindshare in smart lighting, doubling the sales of
intelligent solutions during the reporting period by optimizing existing store patterns, accelerating market
coverage, building an efficient channel network, and actively exploring cooperation with mainstream
home retail platforms to provide consumers with immersive in-store smart lighting experiences. For its
key retail stores, the Company provided support by drawing more traffic through diverse methods such as
proactive marketing, precise traffic acquisition, live streaming, and cross-industry alliances. This effort
not only expanded its user base, but also redefined smart lighting in the minds of customers, injecting
strong momentum into the Company’s business development.
      In response to the high quality-focused evolution trend of commercial lighting from "passive
response" to "active perception, autonomous energy saving, and intelligent collaboration," the Company
continues to provide full-scenario intelligent lighting solutions for commercial customers. During the
reporting period, the Company applied SDL smart spectrum technology to the first store of a well-known
chain catering brand in Shanghai. By creating a tech-themed ambiance through SDL soft film lights in the
waiting area, providing guiding lighting in the dining area to assist seating, and enhancing the theme
experience with pale color lights in the aisle, this project became a benchmark for modern catering
lighting environments. For industrial lighting, the Company provided full-stack lighting technology
renovation services for China-based plants of global leading drive technology enterprises, offering
integrated solutions including energy dashboards, remote management, and spatial constant illuminance.
In terms of commercial chains, the Company provided lighting solutions to the urban super complex
project as part of the Transit-Oriented Development (TOD) of the Greater Bay Area. It combines indirect
and direct lighting to enhance the spatial emotional experience, outlines the corridor with strip lights, and
presents a diverse texture that flows over time through gradient dimming technology.
       For major customers, the Company empowered multi-scenario solutions for smart buildings via SDL
smart spectrum technology, focused its efforts on energy-saving transformation for carbon peaking and
carbon neutrality and renovation of urban lighting, and achieved a series of key breakthroughs. Adhering
to the strategy of "Demonstrating First, Scaling with Replicable Models," the Company completed
multiple benchmark projects with industry influence as follows: (i) It undertook the comprehensive
energy-saving renovation and demonstration project for lighting and air conditioning in the Haikou
Customs General Office Building, which has become a model case for the General Administration of
Customs to promote the EMC (Energy Management Contract) across China; (ii) It delivered an integrated
lighting solution for the headquarters of a Global Top 500 new energy enterprise. Professional light
environment design was applied across the areas such as building facade, offices, catering spaces, cultural
and sports centers. Meanwhile, the in-house developed intelligent control system was deployed to reduce
overall energy consumption, helping the enterprise fulfill its vision of "Smart Energy for Global Benefit";
(iii) It upgraded the smart lighting systems of office building (Phase I and Phase II) for the Shanghai
headquarters of a leading international shipping enterprise. Leveraging the smart lighting management
platform as well as human-centric lighting and IoT sensing technologies, the project effectively supported
energy conservation and carbon reduction, winning the building the first BOMA BEST 4.1 Platinum
Certification in China; (iv) It provided continuous lighting solution to the north-south tunnel of Shanghai
Pudong International Airport. Adopting diffuse reflection technology to reduce glare, the project ensures
comfortable traffic passage for the 1.6 km tunnel and helps the key transportation hub of Shanghai to
become an iconic landmark project; (v) By adopting IoT perception and energy-saving technologies, the
Company reduced lighting energy consumption in classrooms at the Baoshan Campus of a Shanghai
university, supporting the university in building a green and low-carbon benchmark campus. In addition,
the Company was deeply involved in smart city renewal projects to help promote the "Lighting up the
Magic City" initiative through efforts such as the lighting renovation of Xujiahui Pacific Department
Store and the provision of a comprehensive maintenance lighting solution for Sinar Mas Plaza.
      Currently, the road lighting industry is upgrading towards safety, reliability, long-term energy
efficiency, and intelligent operation and maintenance. The Company continues to iterate and innovate its
technology, forming an integrated road intelligent lighting solution consisting of high-performance smart
street lights, IoT power supplies, and self-developed high-performance lighting platforms, injecting
momentum into the green and intelligent development of urban lighting. In 2025, with IoT power supplies
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
as the core hardware, the Company advanced the upgrading of road intelligent control systems in the three
key aspects of safety, stability, and convenience. As a result, wiring points and operational electrical risks
were reduced by integrating power supplies and controllers into an all-in-one unit; the fault alarm
accuracy of the management platform was continuously improved, safeguarding the stable operation of
urban facilities; and open and compatible product protocols realized plug-and-play deployment of devices
without additional configuration. In terms of software, the Company developed an AI agent as a lighting
management assistant to improve management efficiency and energy consumption control accuracy in
areas such as AI dynamic strategy, lighting strategy optimization, and proactive operation and
maintenance warning. During the reporting period, the Company won the bid for benchmark projects such
as the energy-saving renovation of streetlights in central area of Beijing, promoting low-carbon and green
development through customized solutions. In Kunming and other regions, the Company carried out
large-scale energy-saving lighting renovation and system upgrading projects under energy trust contracts,
achieving win-win cooperation among the government, enterprises, and cities, and forming a
market-oriented implementation model of low-carbon lighting that is replicable and promotable.
      In 2025, the Company continued to expand into new lighting sectors by launching an ad hoc
network-based smart solution specifically designed for garages and parking lots. Based on local ad hoc
network technology, this solution enables autonomous energy savings and fast configuration without need
for a central platform, reducing the commissioning time to within 10 minutes. The system features core
advantages such as no need for on-site commissioning, low maintenance requirements, and over 90%
energy savings; meanwhile, it can support energy consumption analysis and management
decision-making. The system has been successfully deployed in the parking lots of multiple large-scale
commercial complexes, delivering closed-loop value featuring "plug-and-play, and sustained energy
efficiency".
      During the reporting period, the Company released the lighting solution 1.0 for the medical industry,
focusing on three major scenarios: public spaces in hospitals, specialized clinic areas, and comprehensive
intelligent management. Through customized spectra such as "Sleep-Enhancing Light" and "Healing
Light," the solution creates a lighting environment that is conducive to patients' visual comfort. The
self-developed spectra of "Concentration-Enhancing Light" and "Clarity Light" provide suitable lighting
conditions for medical staff to operate with precision and focus. Relying on the OPPLE comprehensive
management platform for intelligent lighting, the Company achieved on-demand lighting, intelligent
operation and maintenance, and visible energy consumption, and built an integrated lighting environment
system that combines healing, precision, and intelligent control.
     For plant lighting, the Company launched a plant lighting shelf and growth environment control
system that applies to agricultural facilities and plant factories. These products can achieve intelligent
collaborative regulation of temperature, light, water, and fertilizer, providing a complete solution
addressing issues from light sources to ecological factors. During the reporting period, the Company
collaborated with the Shanghai Academy of Agricultural Sciences and experimentally verified that the
system can optimize crop growth cycle and nutritional quality. This further enriched the Company's
professional lighting portfolio.
     In 2025, facing the trend of consumer preference shifting towards content and interaction, the
Company proactively deepened its innovation and collaboration in e-commerce channels. It focused on
strengthening the development of content platform, promoting its upgrade from a traffic gathering tool to
a platform that integrates brand marketing and sales conversion, and driving its rapid development by
capturing and efficiently converting the incremental growth of the "interest-driven consumption" market.
The Company also deepened its collaboration with traditional mainstream e-commerce platforms,
forming complementary traffic flows and establishing the whole process from content-driven product
promotion to member retention. By introducing a content-based operation strategy, the Company
enhanced user loyalty and conversion rates, and proactively explored expansion opportunities in a vertical
niche while consolidating the core market foundation. In terms of internal capability building, the
Company continued to optimize its operational support system. By focusing on business development, it
has established specialized teams for emerging channel operations, ensuring precise allocation of
resources. The Company has comprehensively advanced the deep application of AI technologies in
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
customer service, design, and operations, significantly improving the efficiency of traditional business
operations. Through the development of a systematic data collection and analysis framework, it continued
to accumulate digital operational assets, providing robust support for business decision-making.
     In 2025, the Company remained committed to its global own brand strategy and continued to
strengthen its presence in key regional markets overseas. By leveraging the intelligent lighting system
solutions, it has achieved a strategic upgrade in overseas expansion, transitioning from product exports to
solution-based empowerment. In terms of channel development, the Company strove to develop a core
network of distributors with engineering service capabilities, thereby setting a strong foundation for the
large-scale growth of its overseas business. Additionally, it has established a premium system solution
framework aiming at overseas markets for several strategic commercial distributors, enhancing its
localized service and delivery capabilities.
      For benchmark projects, the Company focused on key countries of the “Belt and Road” initiative to
enhance brand potential with benchmark projects. In 2025, the Company won the bid for the solar street
light project in Dodoma, the capital of Tanzania, achieving an important breakthrough in the large-scale
public construction sector in the East African market; The Company successfully implemented the
high-end lighting upgrade project for the National Presidential Palace in Myanmar, further enhancing its
brand influence in Southeast Asia; In the Middle East market, it completed the delivery of the Oman
Palace project and created a benchmark for the royal-level light environment using SDL smart spectrum
technology. In Europe, the Company's SDL Wellsky series won the "Future of Lighting Innovation Award
technology roadmap, and testifying the product's ability to deliver added value to users. Meanwhile, the
Company continued to provide professional and efficient lighting solutions across Europe, including
upgrading the energy-saving lighting system for the main field and training area of the Austrian UFC
football stadium. It combined floodlights with DALI drivers and Bluetooth intelligent control modules to
ensure excellent visibility during night training and matches through portable control, while significantly
reducing energy consumption. In addition, the Company accelerated the global replication and promotion
of commercial chain solutions, deepened cooperation in centralized procurement with international top
brands such as Starbucks and McDonald's, and expanded intelligent lighting solutions to stores in multiple
countries. The Company also cooperated with internationally renowned automakers and their supporting
suppliers on industrial lighting projects, achieving the leap from individual projects to large-scale
replicable solutions.
     (III) Building the Foundation of AI Applications and Digital Processes
     With the rapid iteration of generative AI technology, digital intelligence has become the core engine
for enterprises to improve operational efficiency and user experience. In 2025, the Company promoted the
implementation of AI technology in scenarios such as customer service and data support, and built a smart
operation system. It created AI-powered online customer service and AI voicebot based on large models to
address user experience issues, such as weak semantic understanding and high human escalation rate. This
enables real-time cross-system knowledge retrieval and replaces high-frequency repetitive labor,
significantly improving answering accuracy and self-service resolution rates, and optimizing service
experience. It also launched intelligent marketing and promotion tools such as live streaming digital
humans. These efforts upgraded the Company from a "process-driven" to a "data-driven" enterprise. For
daily operations, the Company launched a data analysis AI agent, helping support business personnel
transform from passive problem identification to easy acquisition of data insights. By accumulating
analytical insights, proven best practices were reused to provide agile support for business
decision-making.
     During the reporting period, the Company continued to promote its digital transformation strategy
with the goal of enhancing customer experience. To meet agile delivery, cost reduction, efficiency
improvement, and green and low-carbon requirements, the Company optimized and streamlined its core
end-to-end business processes, which cover multiple core business areas such as product research and
development, channel marketing, procurement, supply chain, customer service, as well as backend
functions such as human resources and financial management, laying a solid foundation for digital
capability upgrading. Besides, it launched multiple digital systems, including the "OPPLE Lighting
Design Platform" management platform that supports front-end marketing business, the precision cost
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
management platform that focuses on data-driven refined cost control, the CRM system that deepens
standardized management of commercial lighting business, the procurement management platform that
reduces procurement costs, and the digital HR management platform on the backend. These systems
provide robust support for the Company's strategic goals.
     (IV) Brand Building
      In 2025, the Company continued to deepen its brand building around smart lighting and a healthy
lighting environment. It held the "2025 OPPLE Global Smart Lighting Festival" under the theme of
"Wisteria Photosynthetic Stories", and released SDL2.0 full-scenario smart spectrum technology to
further improve the health spectrum, intelligent control, and full-scenario solution system, and
continuously consolidated the Company's technical foundation and brand awareness in the field of health
lighting. In September, the Company held the "AI Healthy Light, Home Design for Love" press
conference in Chengdu, launching the "Youth Edition" of the Wellsky series, a light luxury full-scenario
intelligent lighting solution tailored to the demands of young families for healthy lighting and intelligent
experiences. Concurrently, the Company held the special exhibition "Realm of Light and Shadow" in the
Kuanzhai Alley and held the architectural design forum "Light ·Structure: Infinite Possibilities for
Dialogue with Space" to expand the application and expression of healthy light in spatial design.
     In terms of brand communication, the Company deepened public communication on healthy lighting
through customized contents. The Company’s first customized short drama The Beam of Light under the
Roof reached over 100 million views across all platforms. Using daily family narratives as a medium and
integrating lighting products with eye-protection and emotional-care values, the production continuously
strengthened the Company's brand image of "health, technology, professionalism, and fashion".
      In 2025, the Company deepened its design-driven brand upgrade, strengthened the integration of
lighting with architecture, art, and spatial design, maintained long-term cooperation with the
internationally renowned architectural firm MAD Architecture, co-created the lighting art installation "An
Oil Paper Umbrella" at the 19th Venice Architecture Biennale, released the "Sun" installation in Design
Shanghai 2025, and built a "Cosmic Wormhole" exhibition booth at Guangzhou Design Week with the
theme of "Light Across the Universe". Using important international and domestic design platforms, the
Company combined design philosophy with OPPLE SDL smart spectrum technology to continue
exploring the diverse possibilities of light in spatial narrative and artistic expression.
      During the reporting period, the Company officially launched its design brand OLL for the high-end
design sector and gradually built a product system centered on functional lighting fixtures, decorative
lighting fixtures, and movable lighting for multiple design scenarios. Through in-depth communication
with top architects, designers, and artists all over the world, the Company continued to expand the
application of high-end design in spatial and design contexts, and promoted the extension of its brand
image towards design, specialization, and internationalization.
     As a leading enterprise in the industry, the Company continues to combine brand development with
social responsibilities. In 2025, the Company urgently allocated professional lighting equipment and
emergency supplies to support rescue operations after the 7.9-magnitude earthquake in Myanmar, and
provided support for nighttime rescue and emergency support in disaster areas. Meanwhile, the Company
continuously responded to the national east-west cooperation strategy, deepened long-term cooperation
with assisted regions, and donated eye protection lamps to Lyuchun County, Honghe Prefecture, Yunnan
Province, to help improve the learning and reading environment for young people.
     In addition, the Company continuously promoted public welfare projects of health lighting and
donated eye care lighting products to institutions such as Jianshe Primary School in Weibaoshan Country,
Weishan County, Dali, Yunnan, and Shanghai Minle Nursing Home, fulfilling its corporate social
responsibility in education, elderly care, and other sectors as part of its long-term commitment to
promoting people's livelihoods and serving social development with professional capabilities.
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Authoritative Certification
     Under the guidance of the national sustainable development strategy, the Company, together with the
National Energy Conservation Center and multiple industry partners, established the Energy Conservation
and Carbon Reduction Ecological Innovation Alliance in April 2025, and initiated a zero-carbon park
construction project with the National Energy Conservation Center for exploring the technological path
and demonstration mode of the lighting industry in low-carbon transformation. In October 2025, the
Company passed the globally recognized EcoVadis assessment and won the bronze certification, marking
a breakthrough in the Company's implementation of ESG concepts. This testified that the Company's
practice in the four core dimensions of environmental management, labor rights, business ethics, and
sustainable procurement had reached international standards, and had become one of the top
manufacturers of electrical lighting equipment in the world.
IV. Analysis of Core Competence during the Reporting Period
√Applicable □Not Applicable
    The Company has been deeply involved in the lighting industry, gradually establishing core
competitive advantages in brand, channels, research and development, production and operation, talent,
and management.
     From the era of traditional lighting to the era of LED lighting, and then intelligent lighting, the
Company has been deeply rooted in the lighting industry, continuously promoting technological
innovation and product upgrades, ranking among the top in the Chinese general lighting market, and
growing into a globally renowned lighting brand. Over the years, the Company has participated in
multiple national key projects and has become a partner and lighting solution provider for the Private
Enterprise Joint Pavilion at the World Expo, the Botanical Garden Pavilion at the Beijing International
Horticultural Exhibition, the China Pavilion at the Dubai World Expo, and the China Pavilion at the
Venice Architecture Biennale. It has made multiple brilliant appearances at the Light + Building Frankfurt
in Germany. In 2025, the Company teamed up with renowned architect Ma Yansong to make a stunning
appearance at the Shanghai and Guangzhou Design Weeks, providing users with high-quality products
and services. Adhering to independent innovation and relying on its strong R&D and production
capabilities, the Company has won internationally recognized awards for six consecutive years, including
German red dots, iF, and Japan's G-Mark. With SDL smart spectrum technology as the core, we have
promoted the intelligent upgrading of our product system. In 2025, the SDL smart spectrum technology
was included in the Fortune China Best Design List.
     The Company has consistently provided consumers with high-quality products and services,
obtaining certifications such as "National Demonstration Enterprise for Product and Service Quality
Integrity", "National Consumer Quality and Reputation Guaranteed Product", "National Advanced
Enterprise for Quality Integrity", and "National Quality Inspection Stable and Qualified Product". With its
outstanding technical expertise, the Company has also received the "Healthy Light Quality Five-Star
Certification" jointly issued by TÜV SÜD and China Certification Center (CQC).
      The Company's R&D Center continues to implement its R&D strategy of being "Oriented towards
user needs, powered by innovation in cutting-edge LED technologies, and guided by the foresight of
intelligent lighting trends", and create values based on the essence of light. After years of development
and accumulation, the R&D Center has built strong comprehensive competitiveness in core fields such as
optics, electronics, materials, mechanical design, electrical control, and software. Relying on its
cross-disciplinary technology integration capabilities, the R&D Center is actively exploring cutting-edge
fields such as AI and human-centric lighting to reinforce its technological moat.
     The Company has established an advanced technology management platform and digital R&D
system, enabling it to deeply understand the essential needs of lighting from the user's perspective. By
combining virtual simulation with real-world scenario setups, it can verify and iterate product solutions
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
efficiently and create lighting products that meet user needs more precisely. While driving product and
R&D innovation, the Company continues to deepen modular design of products and platforms to enhance
consumer experience, and maintain cost competitiveness in the industry.
     Based on in-depth research and breakthrough applications in human-centric lighting, the Company
has continuously innovated and launched a number of leading patented spectral technologies tailored to
the lighting needs of different user groups in different spaces, aiming to provide users with a more
personalized, comfortable, and healthy lighting environment. In the field of intelligence and
interconnection, the Company has established core capabilities in wireless technology, sensing technology,
IoT technology, cloud computing and big data processing, and AI technology. Combined with OPPLE's
comprehensive indoor, outdoor, DMX and other lighting control systems, the OPPLE intelligent lighting
management platform has been upgraded to continuously enhance the intelligence level of lighting
solutions and optimize user experience.
      In the field of low carbon and energy saving, the Company actively practices the concept of green
and sustainable development, integrating efficient and energy-saving technologies throughout the entire
chain of product R&D and system solutions. Based on its technological accumulation in the fields of
optics and electronic drives, the Company continuously improves the luminous efficiency of its lighting
systems, develops high-efficiency LED products, and significantly reduces unit lighting energy
consumption. In terms of drive circuit technology, its self-developed drivers can dynamically adjust
output voltage levels based on input voltage, effectively reducing switching losses and improving power
utilization efficiency. In outdoor scenarios such as road lighting, the Company has achieved system-level
energy savings and consumption reduction through the synergistic integration of high-efficiency smart
streetlights, IoT power supplies, and self-developed high-performance lighting platforms, combined with
intelligent on-demand dimming and control strategies, continuously driving the green and low-carbon
transformation of the lighting industry through technological innovation.
     In the home lighting channel, the Company, relying on its strong marketing team and extensive
channel network resources, has developed widespread outlets at home decoration and building materials
markets, lighting markets, and hardware stores, and strategically established smart lighting city
experience centers in major central cities, achieving a high coverage in provincial, municipal, autonomous
prefecture, league, and city markets across the country and further expanding its businesses to township
and rural areas. In addition to increasing channel outlets, the Company also attaches great importance to
the improvement of distributors' operational capabilities and the quality of stores/outlets.
      To this end, the Company has continuously optimized and upgraded the operational capabilities and
management standards of its distributors, stores/branches. First, to cultivate distributors’ operational
management capabilities, the Company has established a distributor evaluation system and database to
perform regular assessments, appraisals, and corrective improvements on distributors. At the same time, it
is actively building a full-chain digital marketing system, to improve the digital marketing ecosystem of
channels, ensure the coordination and consistency of responsibilities and rights of all parties based on
process-oriented management, and effectively monitor and manage sales activities at all stages. Second, at
the sales terminals, the Company has continuously enhanced the intelligent lighting sales capabilities of
retail stores, creating intelligent lighting scene based display methods, standardized service experiences,
and personalized lighting designs. Through the Company’s self-developed OPPLE Lighting Design
platform, consumers can generate personalized intelligent lighting solutions easily using AI or place
orders independently online, fully meeting their demands for smart lighting solutions.
     In addition, the Company has continuously enhanced its penetration in commercial, e-commerce, and
overseas channels, achieving diversified and comprehensive channel coverage. In the commercial lighting
sector, the Company relies on its in-depth industry research, professional lighting design team, nationwide
network of commercial distributors, and efficient supply chain and after-sales service system to
continuously deliver high-standard comprehensive lighting solutions. In the field of e-commerce, the
Company has deployed multiple platforms and categories to provide consumers with comprehensive,
high-quality, and convenient products and services. Overseas, the Company adheres to a proprietary brand
development strategy. In key countries such as Europe, Southeast Asia, and the Middle East, it has
established a good brand image and reputation through professional lighting products and intelligent
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
solutions, bringing high-efficiency intelligent products and solutions to overseas consumers and users in
industrial, office, commercial retail, and outdoor applications.
     In response to the rapid iteration of smart and healthy lighting technologies and the growing trend of
personalized product demands, the Company has comprehensively promoted the "Robot+"
multi-functional flexible workstation and deployed collaborative robots on a large scale, building a
human-machine collaborative flexible intelligent manufacturing system. This effort significantly
improves the production line flexibility and quick delivery capability for small-batch customized orders
while ensuring highly automated production of platform-based products.
      Through product design optimization, supply chain collaboration, lean manufacturing, and other
full-chain collaborations and resource integrations, the Company has deeply decoupled product full-chain
process and design bottlenecks, continuously building structural cost-reduction capabilities. It has also
established standard work hour models and refined cost control systems, solidifying its extreme cost
competitiveness.
     The Company has continuously iterated its production test systems and inspection equipment,
connecting the traceability links between key quality characteristics and process parameters, enabling
traceable linkages between finished products and production test data, driving quality improvement
through data.
     Based on AI technology and the practice of lighthouse factories and intelligent demonstration
factories, the Company has promoted "AI+" scenario-based business transformation and efficiency
enhancement across core areas such as planning, logistics, quality, and manufacturing. While reducing
costs and increasing efficiency, improving production capacity and quality, it has optimized the overall
supply chain operation system and significantly enhanced order delivery agility.
    Talent is the most critical strategic asset of the Company. We have built a sustainable competitive
advantage through systematic talent supply chain construction and scientific management system:
     (1) We adhere to the equal emphasis on attracting high-end talents and reserving new generation
talents, actively bring in experienced management and professional talent from benchmark companies to
build a composite management team. Relying on regular campus recruitment, we continue to introduce
outstanding master's and doctoral graduates from leading universities such as Harbin Institute of
Technology, Tongji University, and Fudan University, injecting new vitality into the Company.
     (2) We have built a hierarchical talent cultivation system covering all levels. This system covers
various levels from store guides, store managers, department managers, and directors. Through hands-on
practice, mentorship, and specialized training, it comprehensively improves employees' professional
capabilities and management levels.
     (3) We continuously improve the cadre management mechanism, establishing standards for the entire
process of cadre selection, appointment, training, motivation, and management to achieve standardized
and systematic cadre management.
    (4) We have upgraded our HR management digital platform to achieve refined performance
management. We have built a data-driven decision support system that relies on intelligent analysis to
empower precise talent identification, allocation, and management.
    V. Major Operations during the Reporting Period
      In 2025, the Company achieved operating revenue of RMB 6.97 billion, total profit of RMB 1.083
billion, and net profit attributable to shareholders of the Company of RMB 920 million.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
(I) Analysis of Main Operations
       Statement
                                                                                 Unit: Yuan   Currency: RMB
                                                                     Amount for the
                                    Amount for the Current
              Account                                               Same Period Last          Change (%)
                                           Period
                                                                         Year
Operating revenue                          6,970,146,425.51          7,096,343,305.89                  -1.78
Operating costs                            4,228,485,604.32          4,308,012,292.26                  -1.85
Selling expenses                           1,213,656,257.96          1,291,188,397.86                  -6.00
Administrative expenses                        269,557,938.82          335,693,236.17                 -19.70
Financial expenses                             -30,963,220.57          -52,473,383.03                  40.99
R&D expenses                                   296,922,518.64          306,023,822.87                  -2.97
Net cash flow from operating
activities
Net cash flow from investment
activities
Net cash flow from financing
                                            -744,372,992.78           -838,385,043.70                  11.21
activities
Explanation for the change in financial expenses: mainly due to the decrease in interest income for the
current period.
Explanation for the change in net cash flows from investment activities: mainly due to the increase in cash
received from the recovery of investments and the decrease in cash paid for investments.
Detailed explanation of significant changes in the Company's business type, profit composition, or sources
of profit during the current period
□Applicable √Not Applicable
□Applicable √Not Applicable
(1).    Main Operations by Industry, Product, Region, and Sales Model
                                                                         Unit: RMB 10,000 Currency: RMB
                                       Main Operations by Industry
                                                                      YoY
                                                                                      YoY           YoY
                                                                    Change in
                   Operating       Operating         Gross                          Change in     Change in
   Industry                                                         Operating
                   Revenue          Costs          Margin (%)                       Operating       Gross
                                                                    Revenue
                                                                                    Costs (%)     Margin (%)
                                                                      (%)
R&D,
production,
                                                                                                  Increased
and sales of       691,708.77       421,255.54              39.10         -1.65           -1.69
                                                                                                  by 0.02%
lighting
fixtures
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                       Main Operations by Product
                                                                         YoY
                                                                                          YoY             YoY
                                                                       Change in
                  Operating        Operating           Gross                            Change in       Change in
   Product                                                             Operating
                  Revenue           Costs            Margin (%)                         Operating         Gross
                                                                       Revenue
                                                                                        Costs (%)       Margin (%)
                                                                         (%)
Products for
lighting and                                                                                             Increased
other                                                                                                    by 0.02%
applications
                                        Main Operations by Region
                                                                         YoY
                                                                                          YoY             YoY
                                                                       Change in
                  Operating        Operating           Gross                            Change in       Change in
   Region                                                              Operating
                  Revenue           Costs            Margin (%)                         Operating         Gross
                                                                       Revenue
                                                                                        Costs (%)       Margin (%)
                                                                         (%)
                                                                                                         Decreased
Domestic         624,463.63         383,231.68              38.63             -1.85            -1.53
                                                                                                         by 0.20%
                                                                                                         Increased
Overseas           67,245.14         38,023.85              43.45              0.19            -3.32
                                                                                                         by 2.05%
Explanation of the main operations by industry, product, region, and sales model: None
(2).   Analysis of Production and Sales
√Applicable □Not Applicable
                                                                                            YoY            YoY
                                                                       YoY Change
                                                                                          Change         Change in
Main Products       Unit      Production     Sales     Inventory       in Production
                                                                                          in Sales       Inventory
                                                                            (%)
                                                                                            (%)             (%)
Products for
lighting and      10,000
other              pcs
applications
Explanation of production and sales: None
(3).   Performance of Major Procurement Contracts and Major Sales Contracts
□Applicable √Not Applicable
(4).   Analysis of Costs
                                                                              Unit: RMB 10,000 Currency: RMB
                                                 By Industry
                                                             Amount for
                              Amount for    Percentage                         Percentage       YoY
                                                              the Same
  Industry      Cost Item     the Current    of Total                           of Total       Change     Remarks
                                                             Period Last
                                Period       Cost (%)                           Cost (%)        (%)
                                                                Year
R&D,            Raw
production,     materials
and sales of    Labor
lighting        costs
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
fixtures       Expenses      48,967.06           11.62           52,019.62        12.14     -5.87
                                                By Product
                                                            Amount for
                           Amount for     Percentage                         Percentage    YoY
                                                             the Same
  Product      Cost Item   the Current     of Total                           of Total    Change    Remarks
                                                            Period Last
                             Period        Cost (%)                           Cost (%)     (%)
                                                               Year
               Raw
Products for                337,926.22           80.22          342,398.90        79.90     -1.31
               materials
lighting and   Labor
other                        34,362.26            8.16           34,091.13         7.96     0.80
               costs
applications
               Expenses      48,967.06           11.62           52,019.62        12.14     -5.87
Additional explanation of cost analysis: None
(5). Changes in Consolidation Scope Due to Changes in Equity of Major Subsidiaries during the
Reporting Period
□Applicable √Not Applicable
(6). Major Changes or Adjustments to the Company's Business, Products, or Services during the
Reporting Period
□Applicable √Not Applicable
(7).   Major Customers and Suppliers
Customers or suppliers under common control are consolidated and presented as a single customer or
supplier, except for those actually controlled by the same state-owned asset management authority.
Explanation of the consolidation and presentation of the following customer and supplier information
based on common control criteria: N/A
A. Major Customers and Suppliers of the Company
√Applicable □Not Applicable
The sales to the top five customers amounted to RMB 563.9317 million, accounting for 8.09% of the total
annual sales, of which the sales amount from related parties was RMB 0, accounting for 0% of the total
annual sales.
The purchase amount from the top five suppliers was RMB 353.2875 million, accounting for 10.58% of
the total annual purchases, of which the purchase amount from related parties was RMB 46.8001 million,
accounting for 1.40% of the total annual purchases.
B. Sales to a Single Customer Exceeding 50% of Total Sales, New Customers Among the Top Five
Customers, or Significant Reliance on a Few Customers during the Reporting Period
□Applicable √Not Applicable
Purchases from a Single Supplier Exceeding 50% of Total Purchases, New Suppliers Among the
Top Five Suppliers, or Significant Reliance on a Few Suppliers during the Reporting Period
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
C. Company Stock Subject to Delisting Risk or Other Warnings during the Reporting Period
Top five customers
□Applicable √Not Applicable
Top five suppliers
□Applicable √Not Applicable
D. Generation of Trade Business Revenue by the Company during the Reporting Period
□Applicable √Not Applicable
Trade business revenue accounts for over 10% of operating revenue from the top five customers
□Applicable √Not Applicable
Trade business revenue accounts for over 10% of operating revenue from the top five suppliers
□Applicable √Not Applicable
Other explanations: None
√Applicable □Not Applicable
                                                                           Unit: Yuan        Currency: RMB
                                            Amount for the
                       Amount for the
    Account                                Same Period Last         Change (%)           Reason for Change
                       Current Period
                                                Year
Selling expenses       1,213,656,257.96    1,291,188,397.86                      -6.00                      -
Administrative
expenses
R&D expenses            296,922,518.64       306,023,822.87                      -2.97                      -
                                                                                         Mainly due to a
Financial                                                                                decrease in interest
                         -30,963,220.57       -52,473,383.03                    40.99
expenses                                                                                 income for the
                                                                                         current period
    (1). R&D Investment
√Applicable □Not Applicable
                                                                                Unit: Yuan    Currency: RMB
Expensed R&D investment for the current                                                        296,922,518.64
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
period
Capitalized R&D investment for the current
period
Total R&D investment                                                                      296,922,518.64
Percentage of total R&D investment amount
in operating revenue (%)
Proportion of capitalized R&D investment (%)                                                          0.00
       (2). R&D Personnel Information
√Applicable □Not Applicable
Number of the Company's R&D personnel                                                                 459
Percentage of R&D personnel in the Company's total headcount (%)                                        8
                               Educational Background of R&D Personnel
Educational Background Category                                                 Number of Personnel
Master's degree                                                                                        92
Bachelor's degree                                                                                     288
College diploma or below                                                                               79
                                         Age of R&D Personnel
Age                                                                             Number of Personnel
＜30                                                                                                    83
≥ 60                                                                                                    2
       (3). Explanation
□Applicable √Not Applicable
       (4). Reasons for Significant Changes in the Composition of R&D Personnel and Their Impact on the
       Company's Future Development
□Applicable √Not Applicable
                                     Annual Report 2025 of OPPLE Lighting Co., Ltd.
   √Applicable □Not Applicable
                                                                                        Unit: Yuan         Currency: RMB
                            Amount for the          Amount for the
         Item                                                               YoY Change (%)           Reason for Change
                            Current Period          Previous Period
 Net cash flow from
 operating activities
                                                                                                   Mainly due to an
                                                                                                   increase in cash
 Net cash flow from                                                                                received from
 investment activities                                                                             investment recovery
                                                                                                   and a decrease in cash
                                                                                                   paid for investments
 Net cash flow from
                            -744,372,992.78         -838,385,043.70                      -11.21                            -
 financing activities
        (II) Explanation of Significant Profit Changes Due to Non-main Operations
   □Applicable √Not Applicable
        (III) Analysis of Assets and Liabilities
   √Applicable □Not Applicable
                                                                                        Unit: Yuan         Currency: RMB
                       Closing
                                     Percentage         Closing            Percentage    YoY Change
                     Balance for
     Item                             of Total       Balance for the        of Total      in Closing            Remarks
                     the Current
                                     Assets (%)       Prior Period         Assets (%)    Balance (%)
                       Period
                                                                                                            Mainly due to an
                                                                                                            increase in bank
                                                                                                            acceptance bills
Notes receivable   21,044,040.00            0.22       5,926,193.84              0.06             255.10    receivable that
                                                                                                            have not yet
                                                                                                            matured at the
                                                                                                            end of the period
                                                                                                            Mainly due to an
                                                                                                            increase in bank
Receivables                                                                                                 acceptance bills
financing                                                                                                   receivable held at
                                                                                                            the end of the
                                                                                                            period
                                                                                                            Mainly due to the
                                                                                                            increase in
                                                                                                            infrastructure-rel
Construction in    195,859,059.9
progress                       5
                                                                                                            in progress
                                                                                                            during the current
                                                                                                            period
                                                                                                            Mainly due to the
Right-of-use                                                                                                decrease in the
assets                                                                                                      value of
                                                                                                            right-of-use
                                     Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                                  assets as a result
                                                                                                  of amortization
                                                                                                  over time
                                                                                                  Mainly due to the
Long-term                                                                                         increase in
deferred            11,967,578.86           0.12      9,050,769.28           0.09        32.23    renovation
expenses                                                                                          expenses during
                                                                                                  the current period
                                                                                                  Mainly due to the
                                                                                                  repayment of
Short-term
borrowings
                                                                                                  loans during the
                                                                                                  current period
                                                                                                  Mainly due to the
Held-for-trading                                                                                  profit from
financial                        -             0        118,063.58              0         -100    foreign exchange
liabilities                                                                                       contracts at the
                                                                                                  end of the period
                                                                                                  Mainly due to the
                                                                                                  decrease in lease
Lease liabilities    5,492,757.68           0.06      9,279,172.51           0.10        -40.81
                                                                                                  expiries during
                                                                                                  the current period
                                                                                                  Mainly due to the
                                                                                                  transfer of
                                                                                                  non-current
Long-term
                                 -             0      8,998,803.00           0.09         -100    liabilities due
payables
                                                                                                  within one year at
                                                                                                  the end of the
                                                                                                  period
                                                                                                  Mainly due to the
                                                                                                  unlocking of
                                                                                                  restricted stock
Less: Treasury      107,845,221.3
shares                          7
                                                                                                  of draft incentive
                                                                                                  plans during the
                                                                                                  current period
                                                                                                  Mainly due to
                                                                                                  changes in the
Other                                                                                             impact of foreign
                    -25,268,473.5
comprehensive                              -0.26    -10,936,455.23          -0.11       131.05    currency
income                                                                                            translation on
                                                                                                  financial
                                                                                                  statements
                                                                                                  Mainly due to the
                                                                                                  profits of the
Non-controlling
interests
                                                                                                  during the current
                                                                                                  period
    Other explanations: None
    √Applicable □Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
(1). Asset Size
Overseas assets amounted to 558,955,026.76 (unit: Yuan, currency: RMB), accounting for 5.81% of total
assets.
(2). Explanation of the High Proportion of Overseas Assets
□Applicable √Not Applicable
□Applicable √Not Applicable
□Applicable √Not Applicable
     (IV) Analysis of Operational Information in the Industry
√Applicable □Not Applicable
Please refer to the relevant content of "II. Industry Situation during the Reporting Period" in Section III
"Management’s Discussion and Analysis" of this Report for details.
     (V) Analysis of Investments
Overall Analysis of External Equity Investments
√Applicable □Not Applicable
                                                                         Unit: RMB 10,000 Currency: RMB
                     Account                                     Amount for the Current Period
Long-term external equity investment amount at
the end of the reporting period (RMB 10,000)
Increase or decrease in long-term external equity
                                                                                                  -481.32
investment amount (RMB 10,000)
Long-term external equity investment amount at
the end of the same period last year (RMB 10,000)
Increase or decrease in long-term external equity
                                                                                                    -1.81
investment amount (%)
□Applicable √Not Applicable
√Applicable □Not Applicable
     The Company plans to invest and construct the Guangdong-Hong Kong-Macao Greater Bay Area
Regional Headquarters Project using its own and self-raised funds. The project is located in Minzhong
Town, Zhongshan City, Guangdong Province, covering approximately 450 acres and totaling
approximately RMB 2.58 billion in investment. This investment has been approved at the 23rd meeting of
the 2nd Session of Directors and the 2017 Annual General Meeting of Shareholders.
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
    On September 12, 2018, the project company, OPPLE (Zhongshan) Intelligent Technology Co., Ltd.,
was established with registered capital of RMB 300 million.
     On December 31, 2018, the Company signed the Cooperation Agreement on OPPLE Lighting South
China Headquarters Base Project with Zhongshan Municipal Bureau of Commerce. In September 2020,
the Company obtained the real estate ownership certificate and obtained the land use rights.
      On May 25, 2023, the Company signed the Cooperation Agreement on the Capital Increase and
Production Expansion Project of OPPLE Lighting South China Headquarters Base with the Management
Committee of Zhongshan Torch High-tech Industrial Development Zone, increasing the additional
investment by RMB 420 million, with a planned total project investment of approximately RMB 3.0
billion.
      As of the end of 2025, the cumulative fixed asset investment in the Company’s Guangdong-Hong
Kong-Macao Greater Bay Area Regional Headquarters Project amounted to approximately RMB 1.095
billion, which was mainly used in infrastructure and equipment.
     The cumulative investment in the Company’s Guangdong-Hong Kong-Macao Greater Bay Area
Regional Headquarters Project as of the end of this reporting period can be found in "Section VIII
Financial Report", and "(2) Changes in significant construction in progress during the current period"
under "Article 22 Construction in Progress" in "Section VII Notes to the Consolidated Financial
Statements" of this Report.
√Applicable □Not Applicable
During the reporting period, financial assets measured at fair value mainly consist of held-for-trading
financial assets, amounting to RMB 3,642,802,853.79.
Investment in securities
□Applicable √Not Applicable
Explanation of the investment in securities
□Applicable √Not Applicable
Investment in private equity funds
√Applicable □Not Applicable
     As of the end of this reporting period, the Company's historical investment in private equity funds is
as follows: the Company invested 7.04% of the shares in Zhuhai Baozi Bitou Enterprise Management
Partnership Enterprise (Limited Partnership), with an investment amount of RMB 100 million. It invested
(Limited Partnership), with an investment amount of RMB 50 million.
Derivative investment
□Applicable √Not Applicable
     Period
□Applicable √Not Applicable
                                        Annual Report 2025 of OPPLE Lighting Co., Ltd.
              (VI) Sale of Major Assets and Equity
          □Applicable √Not Applicable
              (VII) Analysis of Major Holding and Joint Stock Companies
          √Applicable □Not Applicable
          Major subsidiaries and joint stock companies that contribute more than 10% of the Company's net profit
          √Applicable □Not Applicable
                                                                                  Unit: RMB 10,000 Currency: RMB
                                                         Registered      Total       Net     Operating Operating
   Name          Type             Main Business                                                                  Net Profit
                                                          Capital        Assets     Assets   Revenue    Profit
                         Research and development,
                         technology transfer,
                         production, and sales of
                         electric light sources, lighting
                         fixtures, electronic control
                         systems, electrical switches,
                         and their accessories;
                         manufacturing, processing,
                         and sales of molds;
                         maintenance of computer
Suzhou                   tools software; import and
OPPLE                    export business of various
              Subsidiary                                   28,000.00 170,511.13 80,819.49 260,496.21 16,546.35 15,356.34
Lighting Co.,            commodities and technologies
Ltd.                     through self-operation and
                         agency; warehousing services;
                         rental of self-owned houses;
                         transportation of general cargo
                         by road; development, design,
                         and production of metal walls,
                         PVC composite panels, metal
                         ceilings, and ceiling joists;
                         sales of self-produced
                         products and provision of
                         after-sales services, etc.
                         Import and export of goods;
                         import and export of
                         technology; electrical
                         installation services;
                         execution of construction
                         projects; design of intelligent
                         building systems; sales of
OPPLE                    lighting fixtures; sales of
Intelligent              household appliances; sales of
Lighting      Subsidiary accessories for household         10,000.00 68,433.99 29,671.11 160,630.12 17,982.75 14,671.11
Technology               appliances; sales of
Co., Ltd.                electromechanical equipment;
                         sales of electrical equipment;
                         sales of distribution switch
                         controllers; sales of intelligent
                         transmission & distribution
                         and control equipment; sales
                         of gas/liquid separation and
                         purification equipment; sales
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
                 of pumps and vacuum
                 equipment, etc.
Acquisition and disposal of subsidiaries within the reporting period
□Applicable √Not Applicable
Other explanations
□Applicable √Not Applicable
     (VIII) Structured Entities Controlled by the Company
□Applicable √Not Applicable
     VI. Discussion and Analysis of the Company's Future Development
(I) Industry Landscape and Trends
√Applicable □Not Applicable
      In 2025, under the dual influence of a complex and volatile global economy and deep adjustments in
the domestic real estate market, China’s semiconductor lighting industry entered a critical phase of deep
adjustment and structural restructuring. According to the 2025 China Semiconductor Lighting Industry
Development Blue Book released by CSA Research, the total output value of China's LED semiconductor
lighting industry in 2025 is expected to be approximately RMB 609.3 billion, representing a year-on-year
decrease of 1.1%, with the downstream application market size reaching RMB 505.6 billion, representing
a slight year-on-year decrease of 0.4%. As a foundational market, general lighting, affected by the real
estate downturn and shrinking demand, achieved a market size of approximately RMB 213.1 billion,
representing a year-on-year decrease of 11%.
      The industry as a whole features overall market shrinkage and intensified divergence. On one hand,
the market demand for traditional general lighting remains weak, and homogeneous competition
intensifies in the mid-to-low segments, putting pressure on product prices and resulting in an increase in
volume but not profit. Consequently, many small and medium-sized enterprises are constrained by loss of
order and rigid cost increases, facing severe survival pressure and accelerating the industry’s entry into a
phase of stock optimization and restructuring. On the other hand, high value-added fields, including smart
lighting, healthy lighting, and specialized niche scenarios, exhibit strong resilience, becoming important
engines driving technological innovation and value enhancement in the industry.
      The focus of competition is rapidly shifting from homogeneous price competition to differentiated
competition in technology, ecosystems, and scenario-based solutions. Leading companies further
consolidate their market share by leveraging their comprehensive advantages in intelligent control systems,
healthy light environment technology, channel layout, and brand influence. Meanwhile, cross-border
giants such as home appliances and home furnishings have entered the market with strong support from
their smart home ecosystem, driving the lighting industry to evolve from single hardware manufacturing
toward the integration of whole-home intelligence and scenario services, and continuously expanding
industry boundaries.
    (1) Smart multi-functional pole industry entering a new stage of refined operation and
becoming a core carrier for urban governance
     In 2025, China’s smart multi-functional pole industry entered a new development stage centered on
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
refined operations, shifting the focus from incremental construction to revitalizing existing assets and
value extraction. According to CSA research data, from January to November 2025, approximately 179
public tender projects for multi-functional poles were completed in China, involving over 73,000 sets of
smart light poles, with a total bid-winning amount of approximately RMB 15.284 billion. The East China
region remained at the forefront across the country.
     Technological advances features deep integration and intelligentization. Edge computing and AI
technologies are widely applied, enabling real-time data processing and intelligent response at the front
end of multi-functional poles, making them sensing hubs for multi-dimensional urban data. In October
issued an action plan which explicitly proposes the use of smart multi-functional poles as the core carrier
to build road intelligent sensing systems and urban cloud platforms, bringing sustained incremental space
to the smart pole market.
     New business formats and scenario applications continue to expand. Smart light poles are evolving
from single lighting or information dissemination carriers to key nodes in urban governance and public
services, integrating 5G micro-base stations, environmental monitoring, smart security, and other
applications to assist in the digitization of grassroots governance. At the same time, the promotion of
franchising models is accelerating, and market-oriented operation models such as "renting instead of
building" effectively reduce the initial investment pressure on governments, building a sustainable
business ecosystem.
    (2) Accelerated implementation of scenario-based professional lighting applications, with
niche segments becoming the core of growth
     Against the backdrop of pressure on the general lighting market, professional lighting segments are
becoming the core driving force for industry growth. Requirements for lighting in scenarios such as
commerce, industry, education, and healthcare have upgraded from basic "illumination" to integrated
solutions that are "scenario-based, personalized, and systematic".
     In the commercial lighting field, with the upgrading of retail formats and the accelerated intelligent
renovation of hotels and office spaces, the market demands higher flexibility, energy efficiency, and
integration of lighting systems with spatial design. Professional lighting solutions with intelligent
dimming, color tuning, and seamless integration with building automation systems are in strong demand.
     In the industrial lighting field, driven by the "dual carbon" goals, high-bay factories, warehousing,
and logistics facilities are accelerating LED energy-saving renovations and intelligent upgrades. Industrial
professional fixtures with high efficiency, long lifespans, and intelligent lighting-on-demand functions
have become important choices for enterprises to reduce costs and increase efficiency.
     In the education lighting field, under the continuing guidance national policies aiming to promote the
prevention and control of myopia among children and adolescents and the standardized renovation of
classroom lighting, healthy, eye-protective, and intelligently adjustable education lighting products have
continuously gained popularity in the market. Light quality specifications, including full spectrum, low
glare, and flicker-free output are now mandatory for education lighting, with their application extending to
kindergartens and training institutions.
     (3) Healthy lighting evolving from functional optimization to ecological services
      Consumers' health demands for light environments have upgraded from basic eye protection to
full-lifecycle management, driving healthy lighting toward technical standardization and service
ecologization. By simulating the dynamic changes of natural light through spectral innovation and based
on circadian rhythm research, the industry has developed adaptive lighting solutions, such as high color
temperature light in the morning to enhance concentration, and low color temperature light at night to
promote melatonin secretion.
     The cross-sector integration in phototherapy and health & wellness fields is accelerating. LED light
sources are increasingly applied in scenarios such as emotion regulation and sleep intervention, with
medical institutions and lighting companies jointly developing phototherapy devices and intelligent
diagnosis and treatment systems.
     At the standard and ecosystem level, the issuance of policy-driven standards, such as Performance
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Requirements for Circadian Lighting Fixtures, provides a scientific basis for product R&D and effect
evaluation. In the future, healthy lighting will integrate intelligent hardware, data analysis, and health
management platforms to form a closed-loop service of "light environment - user behavior - health
feedback", becoming the core driving force for upgrading home, education, office, and public spaces.
      (4) Green and low-carbon policies promoting industrial energy efficiency upgrades and
facilitating the rise of circular economy models
     Global green transformation policies are continuously intensifying, driving the lighting industry to
accelerate the elimination of inefficient production capacity. Documents such as the Guidance Catalogue
for Green and Low-Carbon Transformation Industries and the Action Plan for Energy Conservation and
Carbon Reduction clearly require an increase in the proportion of high-efficiency and energy-saving
products. Driven by both market and policy factors, lighting companies are actively promoting
professional and green intelligent lighting solutions, strengthening corporate cooperation, and promoting
energy conservation and emission reduction.
     The industry has effectively reduced its energy consumption and carbon emissions by promoting
LED and intelligent lighting technologies, designing eco-friendly and recyclable lighting products, and
implementing energy-saving renovations. Enterprises reduce their carbon footprint through circular
economy models including material recycling and regenerative manufacturing, for example, using
eco-friendly biodegradable materials to encapsulate lamps and developing easy-to-disassemble structures
to extend product lifecycles. The large-scale implementation of municipal lighting renovations and
"multi-pole integration" projects has made smart light poles a must for low-carbon city construction.
These products incorporate functions such as photovoltaic power generation and energy storage,
contributing to the achievement of the "dual carbon" goals.
(II) Company Development Strategy
√Applicable □Not Applicable
     The Company consistently adheres to a global independent brand strategy, deepening the brand
positioning of "See Beyond." Guided by user needs and driven by intelligence and low-carbon principles,
the Company continues to explore new paths for industry development. Relying on leading AI technology
to empower our digital intelligent manufacturing system, it strives to become an industry-leading provider
of comprehensive lighting system solutions, bringing an excellent lighting experience to users and
creating more value for society.
its development in the three strategic directions of "Intelligence, Human-Centric Health, and Low-Carbon
Energy Saving". Adhering to the "people-oriented" design philosophy, the Company increases investment
in cutting-edge optics and healthy spectrum technologies to scientifically lead the practice and application
of human-centric healthy lighting. Meanwhile, the Company deeply advances the "intelligent lighting"
strategy by integrating generative AI and IoT technologies to build proactive intelligent light
environments. The Company firmly fulfills the "Low-Carbon Energy Saving" responsibility through
green product design and breakthroughs in high-efficiency energy-saving technologies, and establishes
new OPPLE standards integrating "health, intelligence, and green", empowering partners and users to
jointly build a sustainable intelligent lighting ecosystem. Furthermore, the Company gains deep insights
into differentiated needs in diverse scenarios such as home, retail, industry, and public roads, accelerating
the value upgrade from single products to "smart, healthy, low-carbon solutions", strengthening the
full-chain rapid delivery capability of solutions, and achieving a leap from meeting lighting needs to
creating the value of a green, healthy and intelligent lifestyle. Leveraging the technological advantages of
advanced AI large models in knowledge reasoning, data insight, and intelligent prediction, the Company
deeply embeds AI capabilities into its business processes and operational chains, with the aims of
optimizing operational efficiency, reducing operating costs, strengthening risk management, and driving
high-quality enterprise development.
Company launches multiple smart hit products and package-based intelligent lighting solutions, actively
empowers the sales and operational capabilities of terminal stores, and builds intelligent lighting urban
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
experience centers in key cities to consolidate and enhance the comprehensive competitiveness of the
retail business. The commercial lighting segment continuously strengthens industry research capabilities,
centering on intelligence and SDL smart spectrum, to provide users with differentiated professional
lighting solutions and comprehensively enhance smart brand awareness. Overseas, the Company focuses
on distribution and projects as key channels in priority countries, using industrial and commercial lighting
products as entry points to establish brand recognition for OPPLE's high-end intelligent lighting.
architecture management, and improve data operation management capabilities to better serve the
business with its digital capabilities. It builds a resource-intensive business service platform to respond to
rapid market changes and business challenges, achieving sustained development and innovation.
characterized by "Quality First, Agile Delivery, and Cost Leadership".
responsibilities. While ensuring steady business development, the Company joins hands with industry
partners to take collective actions, accelerates the pace of global sustainable development, and
continuously contributes to human well-being.
(III) Business Plan
√Applicable □Not Applicable
    (1) In response to user needs, the Company will upgrade the smart store experience by continuously
promoting the construction and certification of intelligent solution capabilities at terminal stores to
enhance the comprehensive competitiveness of terminals.
    (2) The Company will further promote the expansion of its distribution outlets to lower levels and
enhance the quality of these outlets by offering a diverse range of product categories.
     (3) In the commercial lighting field, the Company will focus on growing key accounts and
replicating industry intelligent solutions, prioritizing the promotion of intelligent solutions such as SDL to
increase customer share and market share.
     (4) Transforming the online sales model, the Company is building diversified content-driven sales
capabilities to deliver premium content, while aligning this with product portfolio upgrades, to
continuously deliver value to users.
   (5) In terms of overseas channels, the Company will continue to expand its industrial and
commercial lighting business, build its own intelligent solution capabilities and empower distributors.
    (1) The Company will deepen its platform-based and automated development to establish cost
competitiveness for newly launched products and further consolidate and enhance its overall product
competitiveness.
      (2) The Company will develop flagship products for all-weather, natural, healthy light environments
and continuously advance technology development and product implementation for human-centric
lighting. Through independent R&D and industry-university-research cooperation, the Company will
provide users with health values such as emotional regulation and healing to strengthen the brand mindset
of "Healthy Lighting Expert", realizing its flagship strategy and increasing its mid-to-high-end market
share.
     (3) The Company will promote breakthroughs in solutions, build connections between the Internet of
Things and the ecosystem, plan for the smart home internet ecosystem, and strengthen deep cooperation
and integration with ecosystem partners, rapidly upgrading its own ecological products and solutions to
form the OPPLE Smart Home Ecosystem while expanding into new business areas to cultivate new
growth drivers.
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
      (4) The Company will develop leading smart products and solutions, establish core performances for
intelligent systems that are "Fast, Simple, and Stable", and achieve broad control coverage and energy
management value. By leveraging interactive means such as digital twins, the Company will provide
users with service values like remote management and data operation/maintenance, and continuously
improve the user-centric and full-lifecycle service guarantee mechanism.
     (1) The Company will strengthen the digitalization of home lighting channels, empower store
solution capabilities, and drive increased output per store. For commercial lighting, the Company will
standardize the LTC (Leads To Cash) main process through digitalization to consolidate sales
management capabilities and best practices, deeply explore the full lifecycle value of commercial lighting
customers, and promote the improvement of business closed-loop capabilities and the signing rate of
large-scale projects.
    (2) The Company will upgrade its internal task execution and management platform to further
improve end-to-end business collaboration efficiency, consolidate its best business practices and replicate
them across different business areas.
      (3) The Company will continuously optimize the smart light environment experience platform to
enhance consumer engagement, empower terminal marketing personnel and partners to improve traffic
acquisition and conversion rates, and facilitate the business model implementation of whole-house
intelligent lighting solutions.
     (4) The Company will optimize its precise cost control platform to further strengthen control over
cost items in the product lifecycle through a data-driven model, achieving cost reduction in design,
procurement, and production to drive high-quality development.
     (5) The Company will further expand its coverage of business and finance scenarios to assist in
financial risk control and agile operations, gradually embracing intelligent operation.
     (6) The Company will strengthen the data platform to enhance data governance and operational
capabilities, organize data assets, and improve data quality, providing a solid data foundation for building
the Company's enterprise-level AI large model capabilities.
      (7) The Company will accelerate the construction of a unified group knowledge base, build the
"OPPLE AI Brain" by utilizing its advanced large model capability, and empower business operations
and decision-making through AI to enhance operational and decision-making capabilities. Meanwhile,
based on the comprehensive integration and private deployment of AI language and image large models,
the Company will, in combination with the successfully piloted AI intelligent agents and knowledge bases,
further integrate specific business scenarios such as consumer intelligent lighting experience, smart
contract management, and smart marketing, and build an enterprise-level AI capability platform to
develop and deploy multiple digital employees and intelligent assistants, achieving organizational
efficiency improvement and business innovation.
    The Company will systematically advance the strategic layout of the "Most Quality-Competitive
Agile Supply Chain" from the following aspects:
    (1) Quality: Build a solid product quality assurance system by developing product platform and
process capability;
     (2) Delivery: Continuously improve delivery capabilities and customer satisfaction in terms of
production-sales collaboration, flexible production, smart planning, and smart logistics through the
integration of planning systems and joint demand management with proactive planning;
     (3) Cost: Build a sustainable cost advantage by enhancing labor efficiency through the extensive
application of intelligent manufacturing and reducing expenses by precise cost management.
     (1) The Company will set different organizational control and incentive mechanisms for different
business units, continuously building its user-oriented solution capabilities.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2) The Company will strengthen the driving force of performance objective management, fully
empower its employees, and improve its governance structure to foster a high-performance corporate
culture through objective management and process coaching.
     (3) The Company will adopt a differentiated talent strategy to define growth and development paths
and enhance the cultivation of cadres, experts, young talents, and key position personnel.
     (4) The Company will strengthen the creating of organizational atmosphere to optimize the honor
and publicity systems, aligning enterprise culture and talent development with the group strategy.
(IV) Possible Risks
√Applicable □Not Applicable
      From a macro perspective, China’s domestic economic growth is expected to slow down, while
divergent foreign economic growth and complex political environment will bring additional uncertainty to
the market. From an industry perspective, on the one hand, competition in the LED lighting market is
relatively fierce, with the industry structure and landscape continuously changing; on the other hand,
intensified cross-sector competition will potentially increase the market competition pressure on the
Company. To address this, the Company will strengthen its core competitive barriers, accelerate industry
integration, and expand new business platforms.
     The offline consumer business is one of the main revenue sources of the Company. Demands for such
products come partly from the housing decoration market and partly from the replacement and upgrade of
existing home lighting, with the former significantly affected by the real estate market's prosperity. Future
uncertainties in the real estate market will have an impact on market demand. To address these risks, the
Company continuously carries out channel transformation and upgrades its service capabilities, while
deeply cultivating the existing market to mitigate the impact of real estate market fluctuations on its
business.
      The Company’s main raw materials include copper, cold-rolled steel sheets, PC material, acrylic, etc.
Fluctuations in the prices of these raw materials will affect the Company’s production costs. If the prices
of raw materials experience significant fluctuations, the Company’s profitability may fluctuate as a result.
With strong brand premium capability, the Company has will mitigate the impact of cost fluctuations by
increasing the proportion of high-value-added products, improving manufacturing and supply chain
efficiency, among other measures.
      The Company’s principal business operations are conducted in China and settled in RMB. However,
the Company’s overseas business (where the denomination currency for foreign currency assets and
liabilities as well as foreign currency transactions is primarily the US dollar) remains exposed to foreign
exchange risk. The Group's funds management department is responsible for monitoring the Company’s
scale of foreign currency transactions and foreign currency assets and liabilities to minimize the foreign
exchange risk it faces.
(V) Others
□Applicable √Not Applicable
     IV. Explanation for the Company's Failure to Disclose as per the Standards due to
     Inapplicability of the Standards, State Secrets, Commercial Secrets, or Other Special Reasons
□Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                           Section IV ESG
     I. Explanation of Corporate Governance
√Applicable □Not Applicable
     During the reporting period, in strict compliance with the requirements of the Company Law, the
Securities Act, the Code of Governance for Listed Companies, the Rules Governing the Listing of Stocks
on Shanghai Stock Exchange, the Articles of Incorporation, as well as relevant laws, regulations and
normative documents of the China Securities Regulatory Commission and the Shanghai Stock Exchange,
the Company further improved its corporate governance level, established an effective corporate
governance structure, refined the rules of procedure for the General Meeting of Shareholders and the
Board of Directors, improved the Company's internal control systems, fulfilled information disclosure
obligations, actively assumed social responsibilities, protected the legitimate rights and interests of
investors, and promoted the Company's high-quality development.
     (I) Shareholders and General Meeting of Shareholders
      The Company convened and held the general meetings of shareholders in strict compliance with the
requirements of the Company Law, the Rules for General Meeting of Shareholders of Listed Companies,
the Articles of Association, and the Rules of Procedure for General Meeting of Shareholders, engaged
lawyers to witness each of such meetings according to relevant laws, regulations and the requirements of
the voting procedures, and provided convenience for shareholders to attend the meetings and fully
exercise their shareholder rights. The Company treated all shareholders equally, responded promptly to
their questions, and listened to their suggestions and opinions. When the General Meeting of Shareholders
deliberated on related matters, related parties were recused from voting in strict compliance with the
relevant procedure.
     (II) Controlling Shareholder and Actual Controllers
     The Company has independent and complete main operations and the ability to operate
autonomously. It is independent from its controlling shareholder and actual controllers in terms of
personnel, assets, business, organization, and finance, and is able to operate, conduct business, and bear
responsibilities and risks independently. The controlling shareholder and actual controllers of the
Company were able to exercise their rights and assumed corresponding obligations in accordance with the
law. During the reporting period, there were no instances where the controlling shareholder or actual
controllers exceeded the authorities granted by the General Meeting of Shareholders or the Board of
Directors, directly or indirectly intervened in the Company’s decision-making and operating activities, or
used their controlling position to infringe upon the interests of other shareholders, and thus caused adverse
effect on the Company’s corporate governance structure, independence, or the like as a result.
     (III) Directors and Board of Directors
     The composition of the Company’s Board of Directors complies with the relevant provisions of the
Company Law. Under the board, there are four specialized committees: the Strategy and ESG Committee,
the Audit Committee, the Remuneration and Appraisal Committee, and the Nomination Committee.
during their term of office, all directors worked with rigor and diligence, diligently fulfilled their duties,
continuously monitored the Company’s operating conditions, actively participated in the meetings of the
Board of Directors, fully leveraged their respective professional expertise, made prudent decisions, and
safeguarded the interests of the Company and its shareholders.
     (IV) Information Disclosure Management
      During the reporting period, the Company strengthened the management of its information disclosure
affairs and disclosed information truthfully, accurately, completely, timely, and fairly in strict accordance
with the requirements of the Rules Governing the Listing of Stocks on Shanghai Stock Exchange and other
relevant regulations. It designated the Securities Times, China Securities Journal, Securities Daily,
Shanghai Securities News, and Cninfo.com as the official media for information disclosure to ensure
information is disclosed truthfully, accurately, timely, and completely, and all investors have fair access to
the Company’s information. The Company continuously strengthens the awareness of information
disclosure responsibilities among its directors and senior management, strictly implements its information
disclosure management system and accountability mechanism, enhances the truthfulness, accuracy,
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
completeness, and timeliness of information disclosure, and improves the quality and transparency of the
Company’s information disclosure. During the reporting period, there was no criticism for the Company
from regulatory authorities due to its non-conforming information disclosure.
    (V) Investor Relations Management
     In accordance with the requirements of relevant laws, regulations, and the Investor Relations
Management System, the Company communicated with investors through telephone, email, the Investor
Relations Interactive E-Platform, investor research and other means, enhanced information exchange,
maintained positive interaction with investors, effectively improved the Company’s transparency, and
enabled investors to gain a more comprehensive understanding of the Company.
    (VI) Construction of Internal Control System
     The Company continuously improved its internal control system by successively formulating a series
of internal control systems, including the Articles of Association, the Rules of Procedure for the
Shareholders’ Meeting, the Rules of Procedure for the Board of Directors, the Working System for
Independent Directors, the Management System for Related Party Transactions, and the Management
System for Information Disclosure. Meanwhile, by strengthening the communication, implementation,
and supervisory enforcement of these internal control systems, it ensured conformity for all of its
operating activities.
Is there any significant deviation between the Company's corporate governance practices and the relevant
laws, administrative regulations, and the provisions of the China Securities Regulatory Commission on the
governance of listed companies? If so, the reasons shall be explained.
□Applicable √Not Applicable
II. Specific Measures by the Company's Controlling Shareholder and Actual Controllers to Ensure
the Independence of the Company in Terms of Assets, Personnel, Finances, Organization, Business,
etc., as well as the Solutions, Progress, and Future Work Plans for Addressing Any Factors That
May Affect the Company's Independence
√Applicable □Not Applicable
     The actual controllers of the Company are Mr. Wang Yaohai and Ms. Ma Xiuhui. Mr. Wang Yaohai
serves as the Chairman of the Company, while Ms. Ma Xiuhui serves as a Director and the General
Manager. With respect to the reasonableness of the aforementioned appointment arrangements and the
measures taken to ensure the independence of the Company, we hereby explain as follows:
    (I) Regarding the reasonableness of the actual controllers serving concurrently as Chairman and
General Manager
of decision-making efficiency.
     As the founders and core strategy makers of the Company, the actual controllers have a profound
understanding of the industry in which the Company operates. Serving concurrently as Chairman and
General Manager, they are able to highly align the Board’s strategic decisions with the General Manager’s
execution and management, shorten the decision-making process, improve decision-making efficiency,
and ensure that the Company can respond swiftly and seize business opportunities in a rapidly changing
market environment.
stability
     The actual controller's deep involvement in daily operations and management ensures that the
Company’s long-term development strategy is not disrupted by short-term operational fluctuations, and
remains more focused on the Company’s long-term strategic development and goals. It avoids the problem
of a disconnect between strategic decisions and operational execution that may arise from excessive
separation of ownership and management rights. This arrangement helps strengthen the actual controller’s
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
sense of responsibility and mission toward the Company, thereby closely aligning and deeply integrating
his/her interests with those of the minority shareholders at the operational level.
     (II) Regarding the specific measures for maintaining the independence of the Company
     Although the actual controllers also serve as Chairman and General Manager, the Company has
established and strictly implemented a sound corporate governance structure to ensure that it maintains
independence from its controlling shareholder and actual controllers in business, assets, personnel,
organization, finance, and other aspects. The specific measures are as follows:
checks and balances mechanisms
     In the Company's Board of Directors, there are 3 independent directors, and the total number of board
members is 7. The proportion of independent directors to the total number of board members is more than
one-third. Independent directors, in accordance with laws, regulations, and the Working System for
Independent Directors, independently express opinions on key matters such as material related party
transactions, external guarantees, and the appointment or removal of senior managers. The Board of
Directors has established four special committees: the Strategy and ESG Committee, the Audit Committee,
the Nomination Committee, and the Remuneration and Appraisal Committee. Among these, the Audit
Committee, the Nomination Committee, and the Remuneration and Appraisal Committee each have an
independent director serving as the convener and are composed of a majority of independent directors,
forming an effective check and balance mechanism.
      The Company has hired a finance director, a board secretary, and key members of the business team,
all of whom possess extensive industry experience and professional qualifications. In the actual operation
of the Company, the General Manager authorizes key members of the business team to take charge of
specific business segments, clarifies the boundaries of responsibilities for each position, and establishes a
management structure featuring a clear division of labor, well-defined authority and accountability, and
mutual supervision, thereby avoiding management risks arising from the concentration of power.
     (1) Independence of assets: The Company possesses independent production and operation premises,
trademarks, patents, core technologies, and procurement and sales systems, with clear and undisputed
ownership of its assets. The controlling shareholder and actual controllers do not occupy or dominate the
Company's assets, nor interfere with the operation or management of the Company's assets. Furthermore,
they have not, in any form, misappropriated the Company's assets or used the Company's core resources
without remuneration.
     (2) Independence of finance: The Company has set up an independent finance department,
established an independent accounting system and financial management system, opened bank accounts
independently, and pays taxes independently in accordance with the law. The actual controllers have not
occupied the Company's funds. The actual controllers strictly comply with the requirements of financial
independence, having not occupied or illegally borrowed the Company's funds, nor requested the
Company to provide any form of financial support or guarantee.
      The Company strictly fulfills its information disclosure obligations in accordance with the provisions
of the Measures for the Administration of Information Disclosure of Listed Companies. For related party
transactions between other enterprises controlled by the actual controllers and the Company, the Company
strictly follows the procedures of deliberation by the Board of Directors and the General Meeting of
Shareholders, as well as the procedure requiring the recusal of related parties from voting, to ensure fair
transaction prices and to avoid harming the interests of the Company and its minority shareholders.
    In summary, the arrangement whereby the Company's controlling shareholder and actual controllers
concurrently serve as Chairman and General Manager is consistent with the Company's current
operational characteristics and governance needs, and is therefore reasonable. The Company has
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
established effective risk isolation and checks-and-balances mechanisms by improving the diversified
structure of the Board of Directors, refining the division of labor within the business team, strictly
implementing internal control systems, and strengthening information disclosure and oversight of related
party transactions. As a result, the Company substantially complies with the regulatory requirements of
independence in terms of personnel, assets, finance, organization, and business, and is capable of
effectively protecting the legitimate rights and interests of the Company and all its shareholders,
particularly its minority shareholders.
Engagement of the Controlling Shareholder, Actual Controllers, and other entities under their control in
the same or similar business as the Company, as well as the impact of significant changes in horizontal
competition or the occurrence of such competition on the Company, the measures taken to address these
issues, the progress made, and the subsequent solutions
□Applicable √Not Applicable
                                                         Annual Report 2025 of OPPLE Lighting Co., Ltd.
III. Directors and Senior Management
(I) Remuneration and Changes in Shareholdings of Current and Former Directors and Senior Management during the Reporting Period
√Applicable □Not Applicable
                                                                                                                                                            Unit: Share
                                                                                                                                         Total Pre-tax
                                                                                                                                         Remuneration
                                                                     Number of                                                                             Receiving
                                                                                           Number of       Change in                    Received from
                                              Term      Term        Shares Held                                                                          Remuneration
                                                                                          Shares Held     Shareholding   Reason for      the Company
  Name          Position      Gender   Age   Starting   Expiry          at the                                                                              from the
                                                                                          at the End of    during the     Change           during the
                                              Date       Date       Beginning of                                                                          Company's
                                                                                             the Year         Year                         Reporting
                                                                      the Year                                                                           Related Parties
                                                                                                                                        Period (in RMB
 Wang
               Chairman       Male     59    9/8/2024   8/8/2027     122,054,994          122,054,994                0                           60.00        No
 Yaohai
              Director and
Ma Xiuhui       General       Female   55    9/8/2024   8/8/2027     118,624,956          118,624,956                0                         144.00         No
               Manager
                                                                                                                         Repurchase
                                                                                                                             and
                                                                                                                         cancellation
Ma Zhiwei       Director      Male     49    9/8/2024   8/8/2027         410,791              386,791          -24,000                         266.40         No
                                                                                                                          of equity
                                                                                                                          incentive
                                                                                                                            shares
                                                                                                                           Grant of
               Employee
                                                                                                                            equity
 Xu Bin      Representative   Male     51    9/8/2024   8/8/2027                    0           90,000          90,000                         228.00         No
                                                                                                                          incentive
                Director
                                                                                                                            shares
    Lu        Independent
                              Male     54    9/8/2024   8/8/2027                    0                0               0                           21.00        No
Shengjiang      Director
   Chen       Independent
                              Male     56    9/8/2024   8/8/2027                    0                0               0                           21.00        No
   Weiru        Director
   Jiang      Independent
                              Male     72    9/8/2024   8/8/2027                    0                0               0                           21.00        No
 Jiongwen       Director
 Hu Xing         Board        Male     42    9/8/2024   8/8/2027          30,000                28,200          -1,800   Repurchase            146.29         No
                                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
               Secretary                                                                                                  and
                                                                                                                     cancellation
                                                                                                                       of equity
                                                                                                                      incentive
                                                                                                                        shares
                                                                                                                     Disposed of
                  CFO
 Wang                                                                                                                   on the
               (financial   Female    44    4/12/2025   8/8/2027          120,800              67,400      -53,400                       29.97        No
 Haiyan                                                                                                               secondary
                director)
                                                                                                                        market
              Former CFO
  Zhang
               (financial   Female    44    9/8/2024    4/12/2025         300,000             300,000           0                      242.40         No
 Xuejuan
                director)
  Total            /           /       /        /           /         241,541,541          241,552,341     10,800         /           1,180.06   /
   Name                                                                     Major Work Experience
               Wang has been serving as Chairman and Executive Director of Zhongshan OPPLE since June 2006 and March 2021, respectively. He took the
               position as Chairman of OPPLE Lighting Co., Ltd. from October 2008 to May 2012, and has been serving as Chairman of the Company since June
Wang Yaohai
               Ltd.
               Ma served as Director of Zhongshan OPPLE from June 2006 to March 2021, and as General Manager of OPPLE Lighting Co., Ltd. from October
 Ma Xiuhui
               Ma served as Supply Chain Director and Finance Director of Zhongshan OPPLE from August 2006 to December 2010. Since March 2011, he has
               successively served as Vice President of the Supply Chain Management Center, the Outsourcing Management Center, the Product and Solution
 Ma Zhiwei
               Center, and the Human Resources and Administration Center, as well as Chief Information Officer, and Executive Vice President of the Company.
               Since May 2020, he has been a Director of the Company. Additionally, he holds a directorship at Zhuhai XIMO ELECTRIC INC.
               After serving as Strategic Investment Manager of Hucai Group Co., Ltd., Xu joined the Company in 2007. He held successive roles including
               Strategic Investment Manager, Green Lighting Business Development Director of the Company, and General Manager of a subsidiary. Since 2017,
  Xu Bin
               he has served as General Manager of the Business Unit at OPPLE Road Lighting Co., Ltd., and has been Head of the ToB Industry Development
               Center of the Company since January 2025.
               From 1996 to 2006, Mr. Lu was employed by TCL International Electrical (Huizhou) Co., Ltd., holding the positions of Finance Manager, Financial
    Lu         Controller, and Deputy General Manager in succession. From 2006 to February 2009, he served as Deputy General Manager and Finance Director
 Shengjiang    at TCL-Legrand International Electrical (Huizhou) Co., Ltd. From March 2009 to December 2019, Lu worked at Shanghai Liangxin Electrical Co.,
               Ltd. (002706.SZ), where he held positions including Vice President and Finance Director. He has been serving as an Independent Director of the
                                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
               Company since June 2023 and currently also serves as an Independent Director of Shenzhen Topwise Communication Co., Ltd. and Zhejiang XCC
               Group Co., Ltd.
               Chen served as Assistant Researcher at the Chung-Hua Institution for Economic Research from 1996 to 1999. He held assistant professorships at
               INSEAD European Business School from 2003 to 2011 and at China Europe International Business School (CEIBS) from 2011 to August 2017. He
               then served as Chief Strategy Officer at Cainiao Network Technology Co., Ltd. from August 2017 to January 2019, and Director of Alibaba Research
Chen Weiru     Center for Industrial Internet from February 2019 to July 2020. Chen returned to China Europe International Business School (CEIBS) as an
               Associate Professor from August 2020 to December 2025, and has been serving as a Professor since January 2026. He also serves as Independent
               Director at TAL Education Group, Vision Deal HK Acquisition Corp., Country Garden Services Holdings Company Limited, and Jack Technology
               Co., Ltd. He has been serving as Independent Director of the Company since November 2023.
               Jiang formerly served as Professor of Marketing and Academic Vice Dean at Cheung Kong Graduate School of Business, and held teaching positions
    Jiang      at the National University of Singapore, the University of Rochester, Washington University in St. Louis, and the Department of Marketing of the
  Jiongwen     Hong Kong University of Science and Technology. Currently, Jiang is Professor Emeritus at China Europe International Business School. He has been
               serving as Independent Director of the Company since August 9, 2024.
               Hu formerly served as Secretary of the Board at Shanghai Kedu Healthcare Technology Co., Ltd. and Jiuzhitang Co., Ltd. He was Senior Director of
               the Capital Planning Department of Sanpower Group Co., Ltd., Vice President of Corporate Financing at the Investment Banking Department of
  Hu Xing
               Haitong International Securities Group Limited, and Assistant Vice President of Corporate Financing at the Investment Banking Department of
               Bocom International Holdings Company Limited. Hu has served as Board Secretary of the Company since July 26, 2023.
               Wang previously served as Financial Manager and Senior Financial Manager of the Company. She has been Head of Financial Shared Service Center
Wang Haiyan
               and Chief Financial Officer (CFO) of the Company since 2013 and December 4, 2025, respectively.
               Zhang joined Haier Group in August 2005. She formerly served as Chief Financial Controller of Haier Water Heater Division, and CFO of Haier
   Zhang       Electric Group Co., Ltd. and Haier Group (Qingdao) Jinrong Holdings Co., Ltd. She held the position as Chairman of Board of Supervisors at Qingdao
  Xuejuan      Haier Biological Medical Co., Ltd. from July 2021 to April 25, 2023, and served as CFO (Financial Manager) of the Company from February 8, 2023
               to December 4, 2025.
Other explanations
□Applicable √Not Applicable
                             Annual Report 2025 of OPPLE Lighting Co., Ltd.
(II) Positions Held by Current and Former Directors and Senior Management during the
Reporting Period
√Applicable □Not Applicable
                                                                         Term Starting    Term Expiry
Employee Name             Entity Name                      Position
                                                                             Date            Date
                                                        Legal
  Wang Yaohai          Zhongshan OPPLE            Representative and          2012-11          /
                                                  Executive Director
Explanation of the
  position held in
                                                                None
 the shareholding
       entity
√Applicable □Not Applicable
                                                                        Term Starting     Term Expiry
Employee Name              Entity Name                     Position
                                                                            Date             Date
                      Zhejiang Super Lighting
                                                                          December
  Wang Yaohai          Electric Appliance Co.,             Director                            /
                                 Ltd.
                      Suzhou CM Technology                 Executive
  Wang Yaohai                                                                 June 2016        /
                               Co., Ltd.                    Director
                      Zhejiang Super Lighting
                                                                          December
   Ma Xiuhui           Electric Appliance Co.,             Director                            /
                                 Ltd.
                        Zhejiang Bodhi Tree              Executive
   Ma Xiuhui          Investment Management             Director and     January 2018          /
                               Co., Ltd.              General Manager
                       Dalian Casamotion Art                              November
   Ma Zhiwei                                               Director                            /
                           Glass Co., Ltd.                                  2017
                           Zhuhai XIMO                                    September       September
   Ma Zhiwei                                               Director
                          ELECTRIC INC.                                     2021            2024
                         Shenzhen Topwise                 Independent
 Lu Shengjiang                                                            April 2024      April 2027
                     Communication Co., Ltd.                Director
                     Zhejiang XCC Group Co.,              Independent
 Lu Shengjiang                                                           March 2025       March 2028
                                 Ltd.                       Director
                            China Europe
                                                           Associate                       December
   Chen Weiru          International Business                            August 2020
                                                           Professor                         2025
                                School
                            China Europe
   Chen Weiru          International Business              Professor     January 2026          /
                                School
                                                          Independent
   Chen Weiru         TAL Education Group                                 April 2016           /
                                                            Director
                     Country Garden Services
                                                          Independent
   Chen Weiru          Holdings Company                                 February 2018          /
                                                            Director
                             Limited
                                                          Independent
   Chen Weiru        Jack Technology Co., Ltd.                            April 2020       May 2026
                                                            Director
                                           Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                    China Europe
                                                                       Emeritus         December
          Jiang Jiongwen        International Business                                                       /
                                                                       Professor          2025
                                        School
         Explanation of the
          positions held in                                                 None
           other entities
        (III) Remuneration of Directors and Senior Management
        √Applicable □Not Applicable
                                             The remuneration of directors shall be approved by the General Meeting of
Decision-making process for the
                                             Shareholders. The remuneration of other senior management shall be
remuneration of directors and senior
                                             reviewed by the Remuneration and Appraisal Committee of the Board of
management
                                             Directors and approved by the Board of Directors.
Whether directors abstain from
discussing their own remuneration at         Yes
board meetings
                                             After a careful evaluation, the Remuneration and Appraisal Committee
                                             concludes that in 2025, the Company's directors and senior management
                                             have diligently performed their duties and responsibilities. The
                                             remuneration paid to them by the Company is in strict compliance with the
Specific recommendations made by the         Company's remuneration management system and evaluation criteria, as
Remuneration and Appraisal                   well as other relevant regulations. The remuneration levels are aligned with
Committee or the independent                 their performance, following the principle of fairness and reasonableness.
directors' special meeting regarding the     Upon verification, no violations of the Company's remuneration
remuneration of directors and senior         management system were found in the remuneration payments for this year,
management                                   which are in accordance with the terms outlined in the Service Contracts or
                                             Employment Contracts signed between the Company and the relevant
                                             personnel. The performance evaluation process was conducted in a
                                             standardized and rigorous manner, yielding objective and fair results that
                                             accurately reflect the annual performance of the relevant personnel.
                                             directors) of the Company will be determined based on their specific
                                             management position, work experience, and responsibilities within the
                                             Company. This annual remuneration includes the annual base salary, annual
                                             performance-based salary, benefits, and all other immediate and deferred
Basis for determining the remuneration       payments.
of directors and senior management           2. The annual remuneration for independent directors of the Company (i.e.,
                                             the independent director allowance) is RMB 210,000 (pre-tax).
                                             determined based on factors such as their specific management position,
                                             work experience, responsibilities, and annual performance evaluation
                                             results.
                                             During the reporting period, the Company made remuneration payments to
Actual remuneration payments to the
                                             the directors and senior management in full compliance with the relevant
directors and senior management
                                             resolutions and remuneration system, with no non-conformities identified.
                                             The total remuneration payable to the Company's directors and senior
Total actual remuneration received by        management for the year amounts to RMB 11.8006 million (pre-tax). For
all directors and senior management at       details, please refer to "Remuneration and Changes in Shareholdings of
the end of the reporting period              Current and Former Directors and Senior Management during the
                                             Reporting Period" in this section.
Basis and results of the performance         In accordance with relevant laws, regulations, rules, and normative
evaluation for the actual remuneration       documents such as the Code of Governance for Listed Companies, the
received by all directors and senior         Guidelines No.1 of the Shanghai Stock Exchange for Self-Regulation of
management at the end of the reporting       Listed Companies – Standardized Operations, as well as the Articles of
                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
period                                      Association of OPPLE Lighting Co., Ltd. and the Working Rules of the
                                            Remuneration and Appraisal Committee of OPPLE Lighting Co., Ltd., the
                                            Remuneration and Appraisal Committee conducted an annual performance
                                            evaluation of the Company's directors and senior management based on the
                                            results, please refer to "(IV) Performance Evaluation of Directors" under
                                            "VIII. Performance of Duties by Directors" in this section.
Deferred payment arrangements for the
actual remuneration received by all
                                            None
directors and senior management at the
end of the reporting period
Payment suspension and recovery for
the actual remuneration received by all
                                            None
directors and senior management at the
end of the reporting period
         (IV) Changes in the Company's Directors and Senior Management
         √Applicable □Not Applicable
               Name                          Position                      Change Description   Reason for Change
               Xu Bin              Non-independent director                    Departure                /
                                   Employee representative
               Xu Bin                                                           Election                /
                                          director
          Zhang Xuejuan        Former CFO (financial director)                 Departure         Personal reasons
           Wang Haiyan             CFO (financial director)                   Appointment               /
         Note: 1. On November 26, 2025, due to an adjustment in the Company's governance structure, Mr. Xu Bin
         applied to resign from his position as a non-independent director of the Company's 5th Board of Directors.
         On the same day, the Company held an Employee Representative Congress and passed a resolution to
         elect Mr. Xu Bin as the Employee Representative Director of the Company's 5th Board of Directors. His
         term will begin from the date of election by the Congress and end on the expiration date of the 5th Board of
         Directors' term.
         Officer of the Company due to personal reasons. On the same day, the Company held the 9th meeting of
         the 5th Board of Directors, during which the Proposal on the Appointment of the Chief Financial Officer
         was deliberated on and approved. The Board agreed to appoint Ms. Wang Haiyan as the Chief Financial
         Officer, with her term starting from the date of approval by the Board and ending on the expiration date of
         the 5th Board of Directors' term.
                                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
              (V) Explanation of Punishments by Securities Regulatory Agencies in the Past Three Years
              □Applicable √Not Applicable
              (VI) Others
              □Applicable √Not Applicable
                    IV. Performance of Duties by Directors
                    (I) Attendance of Directors at Board Meetings and General Meetings of Shareholders
                                                                                                                         Attendance
                                                                                                                         at General
                                                             Attendance at Board Meetings
                                                                                                                        Meetings of
                                                                                                                        Shareholders
   Director       Independent       Number                                                                 Failure to
                                       of      Number of      Number of          Number of     Number     Attend Two
                                                                                                                        Number of
                                   Meetings     In-Person       Remote              Proxy         of      Consecutive
                                                                                                                        Attendances
                                   to Attend   Attendances    Attendances        Attendances   Absences    Meetings
                                   This Year                                                               In-Person
Wang Yaohai           No              7            7               7                 0            0           No             2
  Ma Xiuhui           No              7            7               7                 0            0           No             2
  Ma Zhiwei           No              7            7               7                 0            0           No             2
   Xu Bin             No              7            7               7                 0            0           No             2
Lu Shengjiang         Yes             7            7               3                 0            0           No             2
 Chen Weiru           Yes             7            7               4                 0            0           No             2
Jiang Jiongwen        Yes             7            7               3                 0            0           No             2
              Explanation for failure to attend two consecutive meetings of the Board of Directors in-person
              □Applicable √Not Applicable
                 Number of meetings of the Board of Directors
                              during the year
                           Number of physical meetings                                                3
                            Number of remote meetings                                                 2
                 Number of hybrid meetings (physical + remote)                                        2
                    (II) Objections from Directors on Relevant Matters of the Company
              □Applicable √Not Applicable
                    (III) Others
              □Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
    V. Specialized Committees under the Board of Directors
√Applicable □Not Applicable
    (I) Composition of the Specialized Committees under the Board of Directors
  Specialized Committee                                            Members
    Audit Committee                Mr. Lu Shengjiang (Chairman), Mr. Jiang Jiongwen, Mr. Ma Zhiwei
                                 Mr. Jiang Jiongwen (Chairman), Mr. Wang Yaohai, Ms. Ma Xiuhui, Mr.
 Nomination Committee
                                                     Lu Shengjiang, Mr. Chen Weiru
   Remuneration and               Mr. Chen Weiru (Chairman), Ms. Ma Xiuhui, Mr. Ma Zhiwei, Mr. Lu
  Appraisal Committee                                Shengjiang, Mr. Jiang Jiongwen
   Strategy and ESG              Mr. Wang Yaohai (Chairman), Ms. Ma Xiuhui, Mr. Ma Zhiwei, Mr. Xu
      Committee                                 Bin, Mr. Lu Shengjiang, Mr. Chen Weiru
    (II) The Audit Committee Held Five Meetings during the Reporting Period.
                                                                  Key Opinions and     Other Performance
   Date                           Agenda
                                                                  Recommendations          of Duties
                                                                 After approving the
                                                                    proposal at this
                 The report on the preliminary review of the                           All        members
                                                                     meeting, the
February                                                         Committee agreed to
                 the annual audit work plan and                                        in person, either
                 arrangements were heard from the CPAs                                 physically        or
                                                                  made by BDO for
                 for the annual audit.                                                 remotely.
                                                                   the 2024 annual
                                                                        audit.
                 The following proposals were deliberated
                 on:
                 Proposal 1: 2024 Annual Report and
                 Summary of the Annual Report;
                 Proposal 2: Performance Report of the
                 Audit Committee of the Board of Directors
                 for 2024;
                 Proposal 3: Report of the Audit Committee
                 of the Board of Directors on the
                 Performance of Supervisory Duties by
                                                                                       All        members
                 Accounting Firms;
                                                                                       attended the meeting
April      21,   Proposal 4: Evaluation Report on the
                                                                     Approved          in person, either
                                                                                       physically        or
                 Proposal 5: Internal Control Evaluation
                                                                                       remotely.
                 Report for 2024;
                 Proposal 6: Q1 Report 2025;
                 Proposal 7: Proposal on Conducting
                 Foreign Exchange Transactions for 2025;
                 Proposal 8: Proposal on Factoring and
                 Financial Leasing Business with Related
                 Parties and Related Party Transactions; and
                 Proposal 9: Proposal on the Reappointment
                 of Audit Firm and Internal Control Audit
                 Firm for 2025
                                                                                       All members
August 26,       The 2025 Semi-annual Report and
                                                                     Approved          attended the meeting
                                                                                       in person, either
                             Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                    physically or
                                                                                    remotely.
                                                                                    All members
                                                                                    attended the meeting
October 27,
              The Q3 Report 2025 was deliberated on.               Approved         in person, either
                                                                                    physically or
                                                                                    remotely.
                                                                                    All members
                                                                                    attended the meeting
December      The Proposal on Appointment of Chief
                                                                   Approved         in person, either
                                                                                    physically or
                                                                                    remotely.
    (III) The Nomination Committee Held One Meeting during the Reporting Period.
                                                              Key Opinions and    Other Performance of
   Date                       Agenda
                                                              Recommendations             Duties
                                                                                 All members attended
December      The Proposal for Nomination of Chief                               the meeting in person,
                                                                 Approved
                                                                                 remotely.
    (IV) The Remuneration and Appraisal Committee Held Five Meetings during the Reporting
    Period.
                                                              Key Opinions and   Other Performance of
   Date                       Agenda
                                                              Recommendations           Duties
             The Proposal on the Satisfaction of the
                                                                                 All members attended
             Unlocking Conditions for the First
January 7,                                                                       the meeting in person,
             Lock-up Period of the Reserved Grant                Approved
             under the 2023 Restricted Stock
                                                                                 remotely.
             Incentive Plan was deliberated on.
             The Proposal on the Remuneration                                    All members attended
April 25,    Evaluation of Directors and Senior                                  the meeting in person,
                                                                 Approved
             Remuneration Plan was deliberated on.                               remotely.
             The Proposal on the Satisfaction of the
                                                                                 All members attended
             Unlocking Conditions for the Second
                                                                                 the meeting in person,
June 7, 2025 Lock-up Period of the First Grant under             Approved
                                                                                 either physically or
             the 2023 Restricted Stock Incentive Plan
                                                                                 remotely.
             was deliberated on.
             The Proposal on Adjusting the Grant
             Price in the 2024 Restricted Stock                                  All members attended
August 5,    Incentive Plan and the Proposal on the                              the meeting in person,
                                                                 Approved
             Shares to Incentive Recipients were                                 remotely.
             deliberated on.
             The Proposal on the Satisfaction of the
                                                                                 All members attended
             Unlocking Conditions for the First
October 27,                                                                      the meeting in person,
             Lock-up Period of the First Grant under             Approved
             the 2024 Restricted Stock Incentive Plan
                                                                                 remotely.
             was deliberated on and approved.
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (V) The Strategy and ESG Committee Held One Meeting during the Reporting Period.
                                                               Key Opinions and    Other Performance of
  Date                        Agenda
                                                               Recommendations            Duties
April 21,   The Company's sustainable development                                 All members attended
                                                                  Approved
     (VI) Specific Matters under Dispute
□Applicable √Not Applicable
     VI. Explanation of Risks Identified by the Audit Committee
□Applicable √Not Applicable
The Audit Committee has no objections to the supervisory matters during the reporting period.
     VII. Information on Employees of the Parent Company and Major Subsidiaries at the End of
     the Reporting Period
     (I) Employee Information
Number of in-service employees of the parent company                                                1,007
Number of in-service employees of major subsidiaries                                                4,969
Total number of in-service employees                                                                5,976
Number of retirees for whom the parent company and
major subsidiaries are responsible for pension payments
                                       Occupational Composition
                 Occupational Category                                   Number of Employees
                  Production personnel                                                              3,853
                    Sales personnel                                                                 1,346
                  Technical personnel                                                                459
                 Management personnel                                                                318
                         Total                                                                      5,976
                                         Educational Background
                    Education Level                                      Number of Employees
               Bachelor's degree or above                                                           1,843
                 Junior college diploma                                                              831
             High school diploma or below                                                           3,302
                         Total                                                                      5,976
     (II) Remuneration Policy
√Applicable □Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
      The Company bases its remuneration allocation on job value, individual performance contributions,
and the urgent needs for talents to support both current and future development. In terms of remuneration
distribution, incentive plans are designed based on different businesses. The overall principle is to break
equilibrium, create differentiation, and tilt remuneration towards key roles and core talent, oriented toward
enhancing customer and user satisfaction, with value creation as the fundamental goal.
     (III) Training Programs
√Applicable □Not Applicable
      OPPLE consistently adheres to a “people-oriented” approach, respecting employee rights, valuing
talent development, improving incentive mechanisms, strengthening corporate culture building and
training education, helping employees plan their careers scientifically, stimulating a sense of ownership,
and fostering a favorable working and humanistic environment.
     The Company has established a "management + professional" dual-track development system, which
clearly defined the advancement criteria and certification mechanisms for each level of jobs. By
integrating talent pipeline development into the organizational capability blueprint, the Company
provided a replicable talent development paradigm for peers.
      Relying on the OPPLE Academy (corporate university) platform and various professional
empowerment centers, the Company has systematically integrated courses, lecturers, and hands-on
projects to support the full cycle growth of employees, transforming key technologies and experiences into
reusable organizational assets, increasing its talent density and professional influence. Guided by business
strategy, it made talent cultivation the core engine of its business transformation, technological
breakthroughs, and sustainable development.
     The Company has established a comprehensive talent pipeline training system covering young talent,
M-series reserve managers, regional general managers, production directors, and core executives,
providing internal employees with management growth opportunities and continuously supplying the
Company with reserve talent. Meanwhile, the Company has launched a series of training programs
focusing on general foundational, management, and professional expertise, organized internal trainer
exchanges, and improved its internal instructor incentive mechanisms. The Company continues to
advance the construction of an empowerment system integrating online and offline channels. For example,
based on the 40 core role certification courses, the Company has conducted offline training on product
knowledge, AI tool, commercial sales, terminal operations, distributor capability enhancement, etc., and
launched relevant online course packages in line with its digital strategy.
     (IV) Labor Outsourcing
√Applicable □Not Applicable
Total number of working hours for labor
outsourcing
Total remuneration paid for labor outsourcing (in
RMB 10,000)
     VIII. Plan of Profit Distribution or Plan of Converting Capital Reserve into Share Capital
     (I) Development, Implementation, or Adjustment of the Cash Dividend Policy
√Applicable □Not Applicable
     The Company’s dividend distribution policy is as follows:
The Company’s profit distribution shall give due consideration to providing investors with reasonable
returns while also taking into account the Company’s sustainable development.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
conditions for cash distribution are met, the Company shall give priority to cash dividends. In any year
where the Company’s audited net profit is positive and meets the dividend distribution conditions
specified in the Company Law, the Company shall in principle make at least one profit distribution per
year, and the profit distribution method adopted must include cash distribution. The Company’s cash
dividend policy targets a fixed dividend payout ratio. If the Company distributes its profits by stocks, there
shall be real and reasonable factors such as corporate growth and dilution of net assets per share.
and operation, the annual cash dividend amount of the company shall not be less than 15% of the net profit
attributable to the parent company available for distribution for the relevant year.
requirements, taking into account the industry characteristics, development stage, business model,
profitability, debt repayment capacity, major capital expenditure arrangements, and investor returns:
     (1) If the Company is at a mature development stage and has no major capital expenditure plans, the
cash dividend in the profit distribution shall be no less than 80%;
     (2) If the Company is at a mature development stage and has major capital expenditure plans, the cash
dividend in the profit distribution shall be no less than 40%;
     (3) If the Company is at a growth development stage and has major capital expenditure plans, the
cash dividend in the profit distribution shall be no less than 20%.
     If the Company's development phase is difficult to determine, but there are significant capital
expenditures, it can be handled in accordance with the provisions of the preceding paragraph. The
proportion of cash dividends in this profit distribution shall be calculated as per cash dividends divided by
the sum of cash dividends and stock dividends.
mismatched with its share capital size, the Board may propose a stock dividend distribution plan while
satisfying the above cash dividend conditions. The Company may refrain from making a profit distribution
under the following circumstances:
     (1) The audit report for the most recent year is a non-unqualified opinion or an unqualified opinion
with significant uncertainties related to going concern;
     (2) The operating cash flow for the most recent fiscal year is negative.
audit results and submit it to the General Meeting of Shareholders for approval. When formulating a
specific cash dividend plan, the Board shall carefully study and deliberate on matters such as timing,
conditions, minimum ratio, adjustment conditions, and decision-making procedures. Independent
directors who believe that a specific cash dividend plan may harm the Company or the interests of
minority shareholders have the right to express their independent opinions. If the Board does not adopt or
fully adopt the independent directors’ opinions, the independent directors' opinions and the specific
reasons for non-adoption shall be disclosed in the Board resolution announcement.
Company shall proactively communicate and exchange with shareholders, especially minority
shareholders, through multiple channels (including but not limited to providing online voting, inviting
minority shareholders to attend meetings, etc.), fully listen to the opinions and demands of minority
shareholders, and promptly respond to their concerns.
formulated by the Board of Directors based on the Company’s actual operating and financial situation
within its authority and approved by the shareholders’ meeting, or formulated by the Board of Directors in
accordance with the conditions and upper limit for interim dividends approved by the annual general
meeting of shareholders.
operating environment or the Company’s own operating conditions necessitate a modification of the profit
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
distribution policy, the Board of Directors shall, within its authority, prepare a draft amended profit
distribution policy. Any adjustment to the profit distribution policy must be approved by a two-thirds
majority of the voting rights held by the shareholders present at the shareholders’ meeting.
dividend policy and shareholder return plan, as well as compliance with relevant decision-making
procedures and information disclosure requirements. If the Audit Committee finds that the Board has
failed to strictly implement the cash dividend policy and shareholder return plan, failed to strictly follow
the corresponding decision-making procedures, or failed to truthfully, accurately, and completely disclose
relevant information, it shall express clear opinions and urge them to make timely corrections.
the cash dividend to be distributed to that shareholder an amount equivalent to the funds occupied.
parent company's financial statements is positive, but no cash dividends are distributed or the proposed
total amount of cash dividend is less than 30% of the year's net profit, the Company shall disclose the
following items in detail in the relevant profit distribution announcement:
     (1) An explanation on the reasons for not distributing cash dividends or for a relatively low cash
dividend level, taking into account factors such as industry characteristics, development stage, business
model, profitability, solvency, and capital requirements;
     (2) The expected use and return of retained undistributed profits;
     (3) Whether the Company has facilitated minority shareholders’ participation in cash dividend
decisions in accordance with the relevant rules of the China Securities Regulatory Commission during the
corresponding period;
     (4) Measures to be taken by Company to enhance investor returns.
     If the undistributed profit in the parent company's financial statements is negative but the
undistributed profit in the consolidated financial statements is positive, the Company shall disclose in the
relevant annual profit distribution announcement the profit distribution from the Company’s subsidiaries
to the parent company and the measures to be taken Company to enhance investor returns.
     (II) Specific Explanation of the Cash Dividend Policy
√Applicable □Not Applicable
Whether it complies with the provisions of the Company's Articles of Association or
                                                                                             √Yes □No
the resolutions of the General Meeting of Shareholders
Whether the dividend standards and proportion are clear and explicit                         √Yes □No
Whether the relevant decision-making procedures and mechanisms are in place                  √Yes □No
Whether the independent directors perform their duties and play their due roles              √Yes □No
Whether the minority shareholders have the opportunity to fully express their
                                                                                             √Yes □No
opinions and appeals, and their legitimate interests are fully protected
(III) If the Company is profitable during the reporting period and the distributable profits of the
parent company available for distribution to shareholders are positive, but no proposed cash profit
distribution plan has been put forward, the Company shall disclose in detail the reasons therefor, as
well as the intended use and utilization plan of the undistributed profits.
□Applicable √Not Applicable
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (IV) Plan of Profit Distribution and Plan of Converting Capital Reserve into Share Capital
     during the reporting period
√Applicable □Not Applicable
                                                                                Unit: Yuan    Currency: RMB
Number of bonus shares per 10 shares (share)                                                               0
Dividend per 10 shares (RMB, tax-inclusive)                                                               8.5
Number of shares converted from capital reserve per 10
shares (share)
Cash dividend amount (tax-inclusive)                                                          628,986,174.75
Net profit attributable to ordinary shareholders of the
Company in the consolidated statements
Percentage of cash dividend amount in the net profit
attributable to ordinary shareholders of the Company in                                                68.33
the consolidated statements (%)
Amount of shares repurchased in cash and included in
cash dividends
Total dividend amount (tax-inclusive)                                                         628,986,174.75
Percentage of total dividend amount in the net profit
attributable to ordinary shareholders of the Company in                                                68.33
the consolidated statements (%)
     (V) Cash Dividends for the Past Three Fiscal Years
√Applicable □Not Applicable
                                                                                Unit: Yuan    Currency: RMB
Cumulative amount of cash dividends over the past three
fiscal years (tax-inclusive) (1)
Cumulative amount of shares repurchased and canceled
over the past three fiscal years (2)
Cumulative amount of cash dividends and shares
repurchased and canceled over the past three fiscal years                                    2,105,558,344.80
(3)=(1)+(2)
Annual average net profit amount over the past three fiscal
years (4)
Cash dividend ratio over the past three fiscal years (%)
(5)=(3)/(4)
Net profit attributable to ordinary shareholders of the
Company in the consolidated statements for the most                                           920,496,707.23
recent fiscal year
Undistributed profits of the parent company as of the end
of the most recent fiscal year in the annual financial                                       4,267,613,776.65
statements
     IX. Implementation and Influence of the Company's Equity Incentive Plan, Employee Stock
     Ownership Plan, and Other Employee Incentive Measures
      (I) Relevant Incentive Matters Already Disclosed in Interim Announcements with no
      Subsequent Progress or Changes
√Applicable □Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                       Overview                                            Query Index
On January 8, 2025, the Company held the 3rd meeting of the 5th Board of Directors
and the 3rd meeting of the 5th Board of Supervisors, at which the Proposal on the
Satisfaction of the Unlocking Conditions for the First Lock-up Period of the Reserved
Grant under the 2023 Restricted Stock Incentive Plan and the Proposal on the                2025-003,
Repurchase and Cancellation of Some Restricted Shares under the 2023 Restricted             2025-004,
Stock Incentive Plan were deliberated on and approved. The Company's Board of               2025-008,
Supervisors issued verification opinions on the content of the aforementioned               2025-009
proposals. The number of unlockable shares in the first tranche of the reserved grant
was 138,240 shares, and the number of shares to be repurchased and canceled was
On April 25, 2025, the Company held the 4th meeting of the 5th Board of Directors
and the 4th meeting of the 5th Board of Supervisors, at which the Proposal on the
Repurchase and Cancellation of Some Restricted Shares was deliberated on and
approved. The Company's Board of Supervisors issued verification opinions on the
content of the aforementioned proposals. For some incentive recipients, due to
resignation, individual performance assessment results, and other reasons, a total of
subject to repurchase and cancellation by the Company. The aforementioned
repurchase and cancellation procedures were completed on July 14, 2025.
On June 27, 2025, the Company held the 5th meeting of the 5th Board of Directors
and the 5th meeting of the 5th Board of Supervisors, at which the Proposal on the
Satisfaction of the Unlocking Conditions for the Second Lock-up Period of the First
Grant under the 2023 Restricted Stock Incentive Plan was deliberated on and                 2025-033,
approved. The Company's Board of Supervisors issued relevant verification opinions.         2025-037
The number of unlockable shares in the second tranche of the first grant under the
released from their lock-up restrictions and entered into circulation on July 22, 2025.
On August 5, 2025, the Company convened the 6th meeting of the 5th Board of
Directors and the 6th meeting of the 5th Board of Supervisors, at which the Proposal
on Adjusting the Grant Price in the 2024 Restricted Stock Incentive Plan and the
Proposal on the Grant of 2024 Reserved Restricted Shares to Incentive Recipients
were deliberated on and approved. The Board of Supervisors verified the list of
incentive recipients as of the reserved grant date and issued verification opinions. The
Company completed the registration procedures for the reserved grant on September
under the 2024 Restricted Stock Incentive Plan of OPPLE Lighting Co., Ltd. on
September 19, 2025. On September 17, 2025, the Company completed the registration
of 1.44 million shares for the reserved grant under the 2024 Restricted Stock Incentive
Plan.
On October 27, 2025, the Company convened the 8th meeting of the 5th Board of
Directors and the 8th meeting of the 5th Board of Supervisors, at which the Proposal
on the Repurchase and Cancellation of Some Restricted Shares and the Proposal on
the Satisfaction of the Unlocking Conditions for the First Lock-up Period of the First
Grant under the 2024 Restricted Stock Incentive Plan were deliberated on and                2025-049,
approved. The Remuneration and Appraisal Committee of the Board of Directors and            2025-055
the Board of Supervisors issued verification opinions on the relevant matters. The
number of unlockable shares in the first tranche of the first grant under the 2024
Restricted Stock Incentive Plan was 1,369,254 shares. These shares were released
from their lock-up restrictions and entered into circulation on November 7, 2025.
      (II)     Incentives Not Disclosed in Interim Announcements or with Subsequent Updates
Equity incentives
□Applicable √Not Applicable
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
Other explanations:
□Applicable √Not Applicable
Employee Stock Ownership Plan
□Applicable √Not Applicable
Other incentives
□Applicable √Not Applicable
          (III) Equity Incentives Granted to Directors and Senior Management during the
          Reporting Period
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                                           Unit: Share
                                         Newly
                           Restricted    Granted                                             Restricted    Market Price
                          Shares Held   Restricted             Grant                          Shares       at the End of
                                                                        Unlocked   Locked
 Name         Position       at the      Shares                Price                         Held at the        the
                                                                         Shares    Shares
                           Beginning    during the            (RMB)                          End of the     Reporting
                          of the Year   Reporting                                             Period           Period
                                         Period
  Ma
              Director       400,000                 -         7.76       96,000   304,000     280,000               18.28
 Zhiwei
 Xu Bin       Director              -       90,000             6.86            -    90,000       90,000              18.28
               Board
Hu Xing                        30,000                -         7.76        7,200    22,800       21,000              18.28
              Secretary
                CFO            91,000                -         9.52       39,000    52,000       52,000
 Wang
             (Financial                                                                                              18.28
 Haiyan
              Director)        22,000                -         7.76        6,600    15,400       15,400
               Former
 Zhang          CFO
Xuejuan      (Financial
              Director)
  Total           /          783,000        90,000                /      238,800   634,200     608,400           /
          (IV)  Establishment and Implementation of Performance Evaluation and Incentive
          Mechanisms for Senior Management during the Reporting Period
√Applicable □Not Applicable
      During the reporting period, the Company established a comprehensive performance management
system, set the annual performance targets for senior management, and defined assessment indicators and
their respective weights. It also performed semi-annual reviews and annual assessments and evaluations,
and determined bonus distributions based on individual performance evaluation results. For middle and
senior management as well as core business (technical) backbone employees, short-term and long-term
incentive policies were formulated and continuously optimized to fully arouse their work enthusiasm and
operational potential, thereby achieving the Company’s overall strategic objectives.
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
     X. Establishment and Implementation of the Internal Control System during the Reporting
     Period
√Applicable □Not Applicable
      During the reporting period, the Company established a comprehensive performance management
system, set annual performance targets for senior management, and defined assessment indicators and
their respective weights. It also performed semi-annual reviews and annual assessments and evaluations,
and determined bonus distributions based on individual performance evaluation results. For middle and
senior management as well as core business (technical) backbone employees, short-term and long-term
incentive policies were formulated and continuously optimized to fully arouse their work enthusiasm and
operational potential, thereby achieving the Company’s overall strategic objectives.
Explanation of material deficiencies in internal control during the reporting period
□Applicable √Not Applicable
     XI. Management and Control of Subsidiaries during the Reporting Period
√Applicable □Not Applicable
     During the reporting period, the Company, implemented standardized management and risk control
over its subsidiaries in strict compliance with the requirements of the Shanghai Stock Exchange and the
regulations of the Board. The subsidiaries reported significant information such as their operating
conditions to the Company, and there are no matters that should have been disclosed but were not.
     The Company’s management determines the overall strategic objectives and breaks them down to the
relevant subsidiaries, which must complete them on time with quality. The Company strengthens the
selection, appointment, and assessment of key personnel in subsidiaries, and enhances internal
management control and collaboration with subsidiaries through office collaboration systems and SAP
systems, etc. to improve their management levels.
Risk warnings regarding abnormalities in the management and control of subsidiaries
□Applicable √Not Applicable
     XII. Explanation of Matters Related to the Internal Control Audit Report
√Applicable □Not Applicable
For details, see the 2025 Internal Control Audit Report disclosed by the Company on the Shanghai Stock
Exchange website on 24 April 2026.
Disclosure of the Internal Control Audit Report: Yes
Type of opinions in the Internal Control Audit Report: Standard unqualified
Whether a non-standard audit opinion on internal control was issued during the reporting period or the
previous year: No
□Yes √No
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
    XIII. Rectification of Issues Identified in the Self-Inspection of the Special Action on
    Governance of Listed Companies
None
    XIV. Environmental Information of Listed Companies and Their Major Subsidiaries Included
    in the List of Enterprises Subject to Mandatory Environmental Disclosure
□Applicable √Not Applicable
Other explanations
□Applicable √Not Applicable
    XV. Corporate Social Responsibility (CSR) Practices
       (I) Disclosure of Separate CSR Report, Sustainability Report, or ESG Report
√Applicable □Not Applicable
For details, see the 2025 Environmental, Social and Governance Report of OPPLE Lighting Co., Ltd.
disclosed by the Company.
       (II) Details of CSR Practices
√Applicable □Not Applicable
   External Donations and Public Welfare Projects                         Amount/Description
Total investment (in RMB 10,000)                                                               3,030.51
Including: funds (in RMB 10,000)                                                               3,020.00
           In-kind contributions (in RMB 10,000)                                                 10.51
Explanation
□Applicable √Not Applicable
    XVI. Details of Consolidating and Expanding Poverty Alleviation Achievements and Rural
    Revitalization Efforts
□Applicable √Not Applicable
Explanation
□Applicable √Not Applicable
    XVII. Others
□Applicable √Not Applicable
                                                         Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                           Section V Material Matters
    I. Fulfillment of Commitments
      (I) Commitments Made by the Company, its Actual Controllers, Shareholders, Related Parties, Acquirers, and Other Relevant Committing Parties
      during or Continuing into the Reporting Period
√Applicable □Not Applicable
                                                                                                                                         Specific          Next
                                                                                          Existence of                 Timely and      Reasons for       Steps (if
Commitment         Type of     Committing        Commitment           Commitment                          Commitment
                                                                                          Performance                    Strict      Non-fulfillment       not
Background       Commitment      Party           Description             Time                               Term
                                                                                           Deadline                    Fulfillment   (if not fulfilled   fulfilled
                                                                                                                                         on time)        on time)
                                              Upon expiration of
                                               the lock-up period,
                                                   they shall not
                                               transfer more than
                                 Actual         Company's shares
                                Controllers      they directly or
                    Share                                                                                                                                   Not
                               Wang Yaohai       indirectly hold       Long-term              Yes         Long-term       Yes        Not applicable
                   lock-up                                                                                                                               applicable
                                 and Ma        during their tenure
                                 Xiuhui       each year, and shall
Commitments
                                                 not transfer any
related to the
                                              shares they directly
Initial Public
                                                or indirectly hold
Offering
                                                within six months
                                              after leaving office.
                               Controlling       The Controlling
                               Shareholder    Shareholder and the
                                Zhongshan     Actual Controllers,
                  Resolving
                                 OPPLE,           and any other                                                                                             Not
                  horizontal                                           Long-term              Yes         Long-term       Yes        Not applicable
                                  Actual      enterprises in which                                                                                       applicable
                 competition
                                Controllers    they hold interests
                               Wang Yaohai        (excluding the
                                 and Ma       Company), will not
                    Annual Report 2025 of OPPLE Lighting Co., Ltd.
Xiuhui       manufacture or
         develop any product
            that competes or
           may compete with
               the products
         manufactured by the
          Company, nor will
             they directly or
         indirectly engage in
           any business that
           competes or may
           compete with the
         business operated by
         the Company. If the
           Company further
          expands its product
         and business scope,
          they and such other
          enterprises will not
           compete with the
                Company's
          expanded products
          or business. Should
            any competition
              arise with the
                Company's
          expanded products
         or business, they and
                such other
             enterprises will
                avoid such
                horizontal
             competition by
           either ceasing the
              production or
                                             Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                     operation of the
                                  competing business
                                        or product,
                                    incorporating the
                                  competing business
                                   into the Company's
                                       operations, or
                                     transferring the
                                  competing business
                                  to an unrelated third
                                           party.
                                    The Company has
                                     not and will not
                                  provide loans or any
                                       other form of
                                   financial assistance
Commitments
                                     to the incentive
  related to              The                                                                                                       Not
               Others             recipients under the     Long-term            Yes           Long-term   Yes   Not applicable
    equity              Company                                                                                                  applicable
                                    Stock Option and
 incentives
                                     Restricted Stock
                                      Incentive Plan,
                                  including providing
                                   guarantees for their
                                           loans.
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
(II) Explanation on Whether the Company's Assets or Projects Have Achieved the Original Profit
Forecast and the Reasons Therefor, when a Profit Forecast Has Been Made and the Reporting
Period Falls Within the Forecast Period
□Achieved □Not Achieved √Not Applicable
(III) Performance Commitments
□Applicable √Not Applicable
Changes in performance commitments
□Applicable √Not Applicable
Other explanations
□Applicable √Not Applicable
    II. Occupation of Funds by the Controlling Shareholder and Other Related Parties for
    Non-Operating Purposes during the Reporting Period
□Applicable √Not Applicable
    III. Illegal Guarantees
□Applicable √Not Applicable
   IV. Board of Directors' Explanation on the Non-Standard Opinion Report Issued by the
   Accounting Firm
□Applicable √Not Applicable
   V. Analysis and Explanation by the Company on the Reasons for and Impacts of Changes in
   Accounting Policies and Accounting Estimates, or Corrections of Material Accounting Errors
    (I) Analysis and Explanation of the Reasons and Impacts of Changes in Accounting Policies
    and Accounting Estimates
√Applicable □Not Applicable
□Applicable √Not Applicable
□Applicable √Not Applicable
    (II) Analysis and Explanation of the Reasons and Impacts of Major Accounting Error
    Correction
□Applicable √Not Applicable
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
(III) Communication with the Former Accounting Firm
□Applicable √Not Applicable
    (IV) Approval Procedures and Other Explanations
□Applicable √Not Applicable
    VI. Appointment and Dismissal of Accounting Firms
                                                                          Unit: RMB 10,000 Currency: RMB
                                                                            Currently Employed
                                                                   BDO China Shu Lun Pan Certified Public
        Name of the domestic accounting firm                         Accountants LLP (Special General
                                                                               Partnership)
    Remuneration of the domestic accounting firm                                       110
  Audit tenure of the domestic accounting firm (year)                                   13
  Names of CPAs from the domestic accounting firm                         Chen Lei, Lin Yancheng
Cumulative period of audit services provided by CPAs
     from the domestic accounting firm (year)
                                                            Name                             Remuneration
                                         BDO China Shu Lun Pan Certified
  Accounting firm for internal
                                         Public Accountants LLP (Special                            25
        control audit
                                               General Partnership)
Explanation of the appointment and dismissal of accounting firms
√Applicable □Not Applicable
     On April 25, 2025, the Company held the 4th meeting of the 5th Board of Directors, at which the
Proposal on the Reappointment of Audit Firm and Internal Control Audit Firm for 2025 was deliberated
on and approved. The Board agreed to reappoint BDO China Shu Lun Pan Certified Public Accountants
LLP (Special General Partnership) (hereinafter referred to as "BDO") as the Company's audit firm and
internal control audit firm for 2025. The proposal has been deliberated on and approved at the 2024
Annual General Meeting of Shareholders. For details, please refer to the Announcement on the
Reappointment of Audit Firm and Internal Control Audit Firm for 2025 (No. 2025-020) disclosed by the
Company on the Shanghai Stock Exchange website (www.sse.com.cn) on April 29, 2025.
Explanation of the change of accounting firms during the audit period
□Applicable √Not Applicable
Explanation for the decrease in audit expenses by 20% or more compared with the previous year
□Applicable √Not Applicable
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
     VII. Delisting Risk
     (I) Reasons for Delisting Risk Warning
□Applicable √Not Applicable
     (II) Proposed Measures to Address Delisting Risk
□Applicable √Not Applicable
     (III) Explanation of Delisting and Reasons Therefor
□Applicable √Not Applicable
     VIII. Matters Related to Bankruptcy Reorganization
□Applicable √Not Applicable
     IX. Significant Litigation and Arbitration Matters
□The Company has material litigation and arbitration matters during the year.
√The Company has no material litigation and arbitration matters during the year.
X. Alleged Violations, Penalties, and Rectification Involving the Listed Company, its Directors,
Senior Management, Controlling Shareholder, and Actual Controllers
□Applicable √Not Applicable
     XI. Explanation of the Integrity of the Company, its Controlling Shareholder, and Actual
     Controllers during the Reporting Period
□Applicable √Not Applicable
     XII. Significant Related Party Transactions
(I) Related Party Transactions in the Ordinary Course of Business
Changes
□Applicable √Not Applicable
√Applicable □Not Applicable
     On 25 April 2025, the Company approved the Proposal on Estimated Daily Related Party
Transactions for 2025 at the 4th meeting of the 5th Board of Directors. As of the end of the reporting
period, the implementation status of the relevant transactions is set out in the notes to the financial
statements, see "(1) Purchase and Sale of Goods, Provision and Receipt of Services", "5. Related Party
Transactions", "XIV. Related Parties and Related Party Transactions”, "Section VIII Financial
Statements".
□Applicable √Not Applicable
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
(II) Related Party Transactions Arising from Acquisition or Disposal of Assets or Equity
    Changes
□Applicable √Not Applicable
    Changes
□Applicable √Not Applicable
□Applicable √Not Applicable
    Period
□Applicable √Not Applicable
(III) Significant Related Party Transactions in Joint External Investments
    Changes
□Applicable √Not Applicable
    Changes
□Applicable √Not Applicable
□Applicable √Not Applicable
(IV) Related Party Receivables and Payables
    Changes
□Applicable √Not Applicable
    Changes
□Applicable √Not Applicable
□Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
(V) Financial Transactions Between the Company and its Related Financial Companies, Controlled
Financial Companies, or Related Parties
□Applicable √Not Applicable
(VI) Others
√Applicable □Not Applicable
     To optimize the Company’s capital structure, improve the efficiency of fund use, and support the
synergistic development of the ecosystem centering on OPPLE, empower small, medium and micro enterprises
in the upstream and downstream of the industry chain, and enhance the market competitiveness of the OPPLE
ecosystem, the Company and its subsidiaries propose to conduct finance lease and factoring transactions with
Fengrong Financial Leasing (Shanghai) Co., Ltd. (hereinafter “Fengrong Leasing”) and Shanghai Fenghui
Commercial Factoring Co., Ltd. (hereinafter “Fenghui Factoring”).
     On 25 April 2025 and 28 May 2025, the Company convened the 4th meeting of the 5th Board of
Directors and the 2024 Annual General Meeting of Shareholders, respectively, and approved the Proposal
on Factoring Financing Transactions with Related Parties and Related Party Transactions. Under the
proposal, the limit for accounts receivable factoring transactions between the Company and Fengrong
Leasing and Fenghui Factoring (collectively, the “Factors”) is RMB 80 million, which is revolving within
the validity period. The limit for accounts payable factoring financing transactions with the Factors is up to
RMB 180 million in aggregate, revolving within the validity period. The limit for other finance lease
transactions with Fengrong Leasing is up to RMB 50 million. The validity period of the foregoing
transaction limits is from 28 May 2025 to 30 June 2026, and the limits are revolving within the validity
period.
     In order to save energy and reduce carbon emissions, and practice green and sustainable development,
the Company’s subsidiaries have entered into distributed photovoltaic power generation project
arrangements with Suzhou Shunheng New Energy Technology Co., Ltd. and Zhongshan Shunheng New
Energy Technology Co., Ltd., both wholly-owned subsidiaries of the related party Jiangsu Oubao
Shunyao New Energy Technology Co., Ltd. This related party transaction has been approved by the 10th
meeting of the 4th Board of Directors and the 2022 Annual General Meeting of Shareholders. The energy
saving benefits sharing period of the project is 25 years. The estimated annual solar electricity expense is
expected not to exceed RMB 25 million (including tax).
     For detailed information on the execution of related transactions, see "5. Related Transactions", "XIV.
Related Parties and Related Party Transactions", "Section VIII Financial Reports".
     XIII. Significant Contracts and Their Performance
     (I) Trusteeship, Contracting, and Leasing Matters
□Applicable √Not Applicable
□Applicable √Not Applicable
□Applicable √Not Applicable
                                             Annual Report 2025 of OPPLE Lighting Co., Ltd.
                 (II) Guarantees
             √Applicable □Not Applicable
                                                                                Unit: 100 Million Yuan       Currency: RMB
                                  External Guarantees (excluding those for subsidiaries)
      Relatio
       nship
                                  Date of
      betwee
                                  Guaran                                                               Relate
       n the         Guara                  Guara   Guara Type Collat                  Over Counter-Gu
              Guaran                tee                                                                  d Related
Guara Guarant         ntee                   ntee    ntee   of  eral Fulfil Over       due    arantee
               teed                (Date                                                               Party Relatio
 ntor or and         Amou                   Start   Expir Guara (if   led due          Amo Arrangeme
               Party                 of                                                                Guara nship
        the            nt                   Date    y Date ntee any)                    unt     nts
                                  Agree                                                                 ntee
       Listed
                                  ment)
      Compa
        ny
None
Total amount of guarantees incurred during the reporting period
(excluding guarantees to subsidiaries)
Total balance of guarantees at the end of the reporting period (A)
(excluding guarantees to subsidiaries)
                        Guarantees provided by the Company and its subsidiaries to subsidiaries
Total amount of guarantees to subsidiaries incurred during the
reporting period
Total balance of guarantees to subsidiaries at the end of the reporting
period (B)
                      Total guarantee amount of the Company (including guarantees to subsidiaries)
Total guarantee amount (A+B)                                                                                         11.39
Proportion of total guarantee amount to the Company's net assets (%)                                                 16.24
Including:
Total guaranteed amount towards shareholders, actual controllers and
related parties (C)
Total guaranteed amount provided for guaranteed objects with an
asset-liability ratio exceeding 70% directly or indirectly (D)
Amount of the portion in the total guaranteed amount exceeding 50%
of the net assets (E)
Total amount of the above three guaranteed amounts (C+D+E)                                                               1.16
Description of potential joint liability for unexpired guarantees                                             Not applicable
Explanation of guarantee situation                                                                            Not applicable
             (III) Cash Asset Management Entrusted to Others
                 (1). Overall Situation of Entrusted Wealth Management
             √Applicable □Not Applicable
                                                                                              Unit: Yuan     Currency: RMB
                      Type               Risk Characteristics                  Undue Balance               Overdue but
                            Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                Unrecovered Amount
Bank wealth
                  Non-principal-guaranteed,
management                                                   3,021,233,500.00                    0
                  floating return
products
Broker wealth
                  Non-principal-guaranteed,
management                                                    610,000,000.00                     0
                  floating return
products
Others
□Applicable √Not Applicable
   (2). Individual Entrusted Wealth Management
□Applicable √Not Applicable
Others
□Applicable √Not Applicable
   (3). Provision for Impairment of Entrusted Wealth Management
□Applicable √Not Applicable
(1). Overall Situation of Entrusted Loans
□Applicable √Not Applicable
Others
□Applicable √Not Applicable
(2). Individual Entrusted Loan
□Applicable √Not Applicable
Others
□Applicable √Not Applicable
(3). Provision for Impairment of Entrusted Loans
□Applicable √Not Applicable
□Applicable √Not Applicable
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
    (IV) Other Major Contracts
□Applicable √Not Applicable
    XIV. Description of Use of Raised Funds
□Applicable √Not Applicable
    XV. Description of Other Major Matters that Significantly Affect Investors' Value Judgment
    and Investment Decision-making
□Applicable √Not Applicable
                                                   Annual Report 2025 of OPPLE Lighting Co., Ltd.
                               Section VI               Changes in Shares and Shareholders
                  I. Changes in Share Capital
                   (I) Table of Changes in Share Capital
                                                                                                                                 Unit: Share
                        Before the Change                                  Change (+/-)                                After the Change
                                                                        Shares
                                                     New
                                   Proportion                Bonus       from                                                      Proportion
                      Number                        Shares                                 Others     Subtotal      Number
                                      (%)                    Shares    Reserved                                                       (%)
                                                    Issued
                                                                        Funds
I. Restricted
Shares
by other
domestic
investors
Including:
Shares held
by domestic           10,334,100            1.39         0        0                  0   -2,800,496   -2,800,496     7,533,604             1.01
natural
persons
II.
Unrestricted
Circulating
Shares
RMB-denomi
nated                734,891,075        98.61            0        0                  0    1,392,954   1,392,954    736,284,029            98.99
ordinary
shares
III. Total           745,225,175       100.00            0        0                  0   -1,407,542   -1,407,542   743,817,633         100.00
             √Applicable □Not Applicable
                   On January 8, 2025, OPPLE Lighting Co., Ltd. convened the 3rd meeting of the 5th Board of
             Directors and the 3rd meeting of the 5th Board of Supervisors, and approved the Proposal on the
             Repurchase and Cancellation of Some Restricted Shares under the 2023 Restricted Stock Incentive Plan
             and the Proposal on the Satisfaction of the Unlocking Conditions for the First Lock-up Period of the
             Reserved Grant under the 2023 Restricted Stock Incentive Plan. According to the 2023 Restricted Share
             Incentive Plan of OPPLE Lighting Co., Ltd., the granted but unvested restricted shares, which totals
             their resignations, individual performance assessment results and other reasons. The foregoing repurchase
             and cancellation were completed on 6 March 2025. In addition, the Company completed the release of
             vesting restrictions for 10 incentive recipients of reserved grantees who satisfied the vesting conditions (a
             total of 138,240 shares), and completed the registration of the release of vesting restrictions on 14 March
                   On April 25, 2025, the Company held the 4th meeting of the 5th Board of Directors and the 4th
             meeting of the 5th Board of Supervisors, at which the Proposal on the Repurchase and Cancellation of
             Some Restricted Shares was deliberated on and approved. The repurchase and cancellation involved a
             total of 214 grantees, with an aggregate of 1,331,282 unvested restricted shares to be repurchased and
             canceled.
                 On June 27, 2025, the Company held the 5th meeting of the 5th Board of Directors and the 5th
             meeting of the 5th Board of Supervisors, at which the Proposal on the Satisfaction of the Unlocking
                                    Annual Report 2025 of OPPLE Lighting Co., Ltd.
   Conditions for the Second Lock-up Period of the First Grant under the 2023 Restricted Stock Incentive
   Plan was deliberated on and approved. The Company's Board of Supervisors issued relevant verification
   opinions. The number of unlockable shares in the second tranche of the first grant under the 2023
   Restricted Stock Incentive Plan was 1,325,460 shares.
         On August 5, 2025, the 6th meeting of the 5th Board of Directors approved the Proposal on Granting
   restricted stocks to 47 eligible incentive recipients on August 5, 2025, at a price of RMB 6.86 per share.
   The Company has completed the registration procedures with China Securities Depository and Clearing
   Company Limited Shanghai Branch.
        On October 27, 2025, the Company convened the 8th meeting of the 5th Board of Directors and the
   Unlocking Conditions for the First Lock-up Period of the First Grant under the 2024 Restricted Stock
   Incentive Plan. According to the authorization granted by the 2nd Extraordinary Meeting of Shareholders
   in 2024 to the Board of Directors, the Board of Directors approved to complete relevant procedures for the
   release of vesting restrictions on the first lock-up period of the initial grant for 277 incentive recipients
   who satisfied the vesting conditions, involving 1,369,254 restricted shares eligible for release.
   Asset Value per Share for the Most Recent Year and Period (if any)
   □Applicable √Not Applicable
   Authorities for Disclosure
   □Applicable √Not Applicable
            (II)   Changes in Restricted Shares
   √Applicable □Not Applicable
                                                                                                        Unit: Share
                                       Restricted      Restricted
                     Restricted                                          Restricted
                                        Shares          Shares
  Name of           Shares at the                                         Shares at     Reason for       Release
                                       Released        Increased
 Shareholder        Beginning of                                         the End of     Restriction       Date
                                       during the      during the
                      the Year                                            the Year
                                         Year            Year
                                                                                      Lock-up period
                                                                                      of restricted
Recipients of                                                                                           March 14,
                                                                                      shares under
                                                                                      the stock
shares                                                                                                  22, 2025
                                                                                      incentive plan
                                                                                      not yet expired
Recipients of
                                                                                                        November
shares
     Total          10,334,100.00        2,832,954     1,440,000         7,533,604            /              /
   Notes:
   (1) In 2025, of the 2023 restricted shares, 881,860 were canceled, and 1,463,700 were released from
   restriction. As of the end of this reporting period, 2,223,640 shares of 2023 restricted shares remained.
                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
   (2) In 2025, of the 2024 restricted shares, 525,682 were canceled, and 1,369,254 were released from
   restriction, and a new grant of 1,440,000 shares was made. As of the end of this reporting period,
         II. Issuance and Listing of Securities
         (I) Securities Issuance during the Reporting Period
   □Applicable √Not Applicable
   Explanation of securities issuance during the reporting period (please provide separate explanations for
   bonds with different interest rates in the duration):
   □Applicable √Not Applicable
         (II) Changes in Total Share Capital, Shareholder Structure, and Changes in the Company's
         Asset and Liability Structure
   √Applicable □Not Applicable
   Note: For details, see items (1), (2), (3), 2. Explanation of Share Changes, Section VI, I, (A) of this Report.
         (III) Existing Internal Employee Shares
   □Applicable √Not Applicable
         III. Shareholders and Actual Controllers
         (I) Total Number of Shareholders
Total number of ordinary shareholders as of the end of
the reporting period
Total number of ordinary shareholders at the end of the
previous month before the disclosure of the annual                                                                         12,094
report
Total number of preferred shareholders with voting
                                                                                                                  Not applicable
rights restored as of the end of the reporting period
Total number of preferred shareholders with restored
voting rights as of one month prior to the disclosure of                                                          Not applicable
the annual report (in households)
         (II) Shareholdings of the Top Ten Shareholders and Top Ten Circulating Shareholders (or
         Holders of Unrestricted Shares) as of the End of the Reporting Period
                                                                                                                    Unit: Share
             Shareholdings of the top ten shareholders (excluding shares lent through securities financing transactions)
                                          Number of                      Number        Pledged, Marked, or
   Name of          Increase/Decrease    Shares Held                       of                Frozen
                                                         Proportion                                                  Shareholder
 Shareholder            during the       at the End of                  Restricted
                                                            (%)                       Share                             Type
 (Full Name)         Reporting Period     Reporting                      Shares                     Number
                                                                                      Status
                                             Period                       Held
Zhongshan
                                                                                                                      Domestic
OPPLE
Investment
                                                                                                                    legal person
Co., Ltd.
                                       Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                                                   Domestic
Wang Yaohai                       0   122,054,994          16.41              0    Pledged         22,500,000
                                                                                                                 natural person
                                                                                                                   Domestic
Ma Xiuhui                         0   118,624,956          15.95              0    None                     0
                                                                                                                 natural person
Shanghai
Fengyue
Enterprise                                                                                                          Domestic
Management                        0     22,517,900           3.03             0    None                     0   non-state-owned
Partnership                                                                                                       legal person
(Limited
Partnership)
HKSCC
Nominees                -4,306,395      19,247,151           2.59             0    None                     0        Others
Limited
Nantong
Songyue
Enterprise                                                                                                          Domestic
Management                        0     14,560,000           1.96             0    None                     0   non-state-owned
Partnership                                                                                                       legal person
(Limited
Partnership)
Industrial and
Commercial
Bank of China
Limited - IGW            5,179,604       5,179,604           0.70             0    None                     0        Others
Competitive
Advantage
Balanced Fund
China
Merchants
Bank Co., Ltd.
- IGW Value              4,639,987       4,639,987           0.62             0    None                     0        Others
Margin
Balanced Fund
A
Industrial and
Commercial
Bank of China
Limited - IGW
Select Blue
Chip Mixed
Securities
Fund
China
Merchants
Bank Co., Ltd.
- IGW Quality            2,195,408       2,195,408           0.30             0    None                     0        Others
Growth
Balanced Fund
A
     Shareholdings of the top ten restricted shareholders (excluding shares lent through securities financing transactions)
                                                                                             Class and Number of Shares
                                        Number of Unrestricted Circulating
       Name of Shareholder
                                                  Shares Held
                                                                                          Class                  Number
Zhongshan OPPLE Investment Co.,                                                    RMB-denominated
Ltd.                                                                                ordinary share
                                                                                   RMB-denominated
Wang Yaohai                                                          122,054,994                                    122,054,994
                                                                                    ordinary share
                                                                                   RMB-denominated
Ma Xiuhui                                                            118,624,956                                    118,624,956
                                                                                    ordinary share
Shanghai Fengyue Enterprise
                                                                                   RMB-denominated
Management Partnership (Limited                                       22,517,900                                      22,517,900
                                                                                    ordinary share
Partnership)
                                       Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                 RMB-denominated
HKSCC Nominees Limited                                              19,247,151                                     19,247,151
                                                                                  ordinary share
Nantong Songyue Enterprise
                                                                                 RMB-denominated
Management Partnership (Limited                                     14,560,000                                     14,560,000
                                                                                  ordinary share
Partnership)
Industrial and Commercial Bank of
                                                                                 RMB-denominated
China Limited - IGW Competitive                                      5,179,604                                       5,179,604
                                                                                  ordinary share
Advantage Balanced Fund
China Merchants Bank Co., Ltd. -
                                                                                 RMB-denominated
IGW Value Margin Balanced Fund                                       4,639,987                                       4,639,987
                                                                                  ordinary share
A
Industrial and Commercial Bank of
                                                                                 RMB-denominated
China Limited - IGW Select Blue                                      3,659,915                                       3,659,915
                                                                                  ordinary share
Chip Mixed Securities Fund
China Merchants Bank Co., Ltd. -
                                                                                 RMB-denominated
IGW Quality Growth Balanced Fund                                     2,195,408                                       2,195,408
                                                                                  ordinary share
A
                                       The special account for securities repurchase of OPPLE Lighting Co., Ltd. holds
Description of the special account
                                       According to the relevant provisions in the Standards for the Content and Form of
for repurchase among the top ten
                                       Information Disclosure by Companies Publicly Offering Securities No. 2 - Content and
shareholders
                                       Form of Annual Reports (2021 Revision), the special account for repurchase is not listed
                                       as one of the top ten shareholders.
Description of the above
shareholders' voting trust, voting     None
proxy and waiver of voting rights
                                       Zhongshan OPPLE, Mr. Wang Yaohai, Ms. Ma Xiuhui, Shanghai Fengyue, and Nantong
Description of the relationship or
                                       Songyue are persons acting in concert. In addition, the Company is unaware of any other
concerted action of the above
                                       related relationships or acting-in-concert relationships (as defined in the Management
shareholders
                                       Measures for Acquisition of Listed Companies) among the above shareholders.
Description of preferred
shareholders with restored voting
                                       Not applicable
rights and the number of shares they
hold
    Participation of shareholders holding more than 5% of the shares, the top ten shareholders and the top ten
    unrestricted circulating shareholders in shares lending through securities financing.
    □Applicable √Not Applicable
    Changes from the previous period due to lending in securities financing/return for the top ten shareholders
    and the top ten unrestricted circulating shareholders.
    □Applicable √Not Applicable
    Shareholdings of the top ten restricted shareholders and restriction conditions
    √Applicable □Not Applicable
                                                                                                                Unit: Share
               Name of
                                Number of Restricted
     S/N      Restricted                                    Tradability of Restricted Shares
                                   Shares Held
             Shareholders
                                                                                                          Restriction
                                                                                  Number of
                                                                                                          Conditions
                                                            Date Available       New Shares
                                                             for Trading         Available for
                                                                                   Trading
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                      Lock-up period
                                                                                     requirements for
                                                                                    under the Equity
                                                                                      Incentive Plan
          Incentive
         recipient A
            Zhang
           Xuejuan
          Incentive
         recipient B
          Incentive
         recipient C
          Incentive
         recipient D
          Incentive
         recipient E
          Incentive
         recipient F
          Incentive
         recipient G
Description of the
relationship or         The Company is unaware of any other relationships or acting-in-concert
concerted action of     relationships (as defined in the Management Measures for Acquisition of Listed
the above               Companies) among the above shareholders.
shareholders
      (III) Strategic Investors or General Legal Persons Becoming One of the Top Ten Shareholders
      due to Issuance of New Shares
□Applicable √Not Applicable
      IV. Information on the Controlling Shareholder and Actual Controller
      (I) Controlling Shareholder
√Applicable □Not Applicable
Name                                    Zhongshan OPPLE Investment Co., Ltd.
Company Head or Legal
                                        Wang Yaohai
Representative
Date of establishment                   June 23, 2006
                                        General items: Engaging in investment activities with self-owned
                                        funds; sales of rare-earth functional materials; housing leasing;
                                        leasing of non-residential real estate; sales of gold and silver
                                        products; operation and maintenance of information systems;
                                        Import and export of goods; technology import and export. The
Main business activities
                                        above business scope involves the import and export of goods or
                                        technology (excluding those prohibited by the state or subject to
                                        administrative approval). (Except for activities that require
                                        approval according to law, business activities can be carried out
                                        independently based on the business license in accordance with
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                          the law.)
Shareholdings in other domestic and
overseas listed companies during the      Not applicable
reporting period
Others                                    Not applicable
√Applicable □Not Applicable
               Name                                                  Wang Yaohai
             Nationality                                                China
  With a right of residence in other
                                                                         No
        countries or regions
   Major occupation and position                       OPPLE Chairman & Legal Representative
               Name                                                   Ma Xiuhui
             Nationality                                                China
  With a right of residence in other
                                                                         No
        countries or regions
   Major occupation and position                           OPPLE Director & General Manager
□Applicable √Not Applicable
□Applicable √Not Applicable
    Controlling Shareholder
√Applicable □Not Applicable
                             Zhongshan OPPLE Investment Co., Ltd.
                                       OPPLE Lighting Co., Ltd.
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
       (II) Actual Controller
□Applicable √Not Applicable
√Applicable □Not Applicable
                  Name                                                 Wang Yaohai
                Nationality                                                China
     With a right of residence in other
                                                                             No
           countries or regions
      Major occupation and position                      OPPLE Chairman & Legal Representative
   Domestic and overseas listed
 companies controlled by the actual                                        None
   controller in the past 10 years
                  Name                                                  Ma Xiuhui
                Nationality                                                China
     With a right of residence in other
                                                                             No
           countries or regions
      Major occupation and position                          OPPLE Director & General Manager
   Domestic and overseas listed
 companies controlled by the actual                                        None
   controller in the past 10 years
□Applicable √Not Applicable
□Applicable √Not Applicable
       Actual Controller
√Applicable □Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     Nantong Songyue   Wang Yaohai      Wang Wei                Wang Ying   Ma Xiuhui   Shanghai Fengyue
                                                Zhejiang Bodhi Tree
                                              Investment Management
                                                      Co., Ltd.
                                                Zhongshan OPPLE
                                               Investment Co., Ltd.
                                               OPPLE Lighting Co.,
                                                     Ltd.
    Arrangements
□Applicable √Not Applicable
    (III) Other Information on the Controlling Shareholder and Actual Controller
□Applicable √Not Applicable
V. Cumulative Pledged Shares of the Company's Controlling Shareholder or the Largest
Shareholder and Persons Acting in Concert Reaching or Exceeding 80% of Their Shareholding in
the Company
□Applicable √Not Applicable
    VI. Other Corporate Shareholders Holding More Than 10% of Shares
□Applicable √Not Applicable
    VII. Explanation of Share Reduction Restriction
□Applicable √Not Applicable
    VIII. Implementation of Share Repurchase during the Reporting Period
□Applicable √Not Applicable
    IX. Information on Preferred Shares
□Applicable √Not Applicable
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
                       Section VII            Information on Bonds
    I. Corporate Bonds (Including Enterprise Bonds), and Debt Financing Instruments of
    Non-financial Enterprises
□Applicable √Not Applicable
    II. Convertible Corporate Bonds
□Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                               Section VIII Financial Report
     I.   Audit Report
√Applicable □Not Applicable
                                                                                 XKSBZ [2026] No. ZI10206
To the shareholders of OPPLE Lighting Co., Ltd.:
            I. Audit Opinion
We have audited the financial statements of OPPLE Co., Ltd. (hereinafter referred to as "OPPLE"), which
comprise the consolidated and parent company balance sheets as at 31 December 2025, as well as the
consolidated and parent company income statements, consolidated and parent company cash flow
statements, consolidated and parent company statements of changes in owners' equity and notes to the
financial statements for the year 2025.
In our opinion, the accompanying financial statements present fairly, in all material respects, the
consolidated and parent company financial position of OPPLE as at 31 December 2025, and the
consolidated and parent company results of operations and cash flows for the year 2025, in accordance
with the Accounting Standards for Business Enterprises.
            II. Basis for Audit Opinions
We conducted our audit in accordance with the China Registered Accountants Auditing Standards. Our
responsibilities under those standards are further described in the section "Auditor's Responsibilities for
the Audit of the Financial Statements". We are independent of OPPLE in accordance with Independence
Standards for Chinese Certified Public Accountants No. 1 – Independence Requirements for Financial
Statement Audit and Review Engagements and the Code of Ethics for Chinese Certified Public
Accountants, and we have fulfilled our other responsibilities in terms of professional ethics in accordance
with these requirements. We have complied with the independence requirements applicable to audits of
public interest entities. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
            III Key Audit Matters
Key audit matters are the matters that we believe are the most significant to the audit of the financial
statements for the current period based on our professional judgment. These matters were addressed in the
context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do
not provide a separate opinion on these matters.
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
  The key audit matters we identified in our audit are summarized below:
          Key Audit Matter                            How the matter was addressed in our audit
(I) Revenue Recognition
OPPLE is mainly engaged in the We performed the following main audit procedures for revenue
production and sale of lighting recognition:
products. In 2025, OPPLE achieved (1) Obtained an understanding of, and evaluated the design and
a sales revenue of RMB operating effectiveness of, key internal controls of management related
decrease of 1.78% compared to the (2) Selected samples to check sales contracts or orders, identified
same period last year.                 contract terms and conditions related to the transfer of control of goods,
According to OPPLE's accounting and evaluated whether the timing of revenue recognition complied with
policies, the Company takes the the requirements of the accounting standards for business enterprises;
time when the control of the sold (3) Selected samples of revenue transactions recorded during the year,
goods is transferred to the buyer as checked them against invoices, sales delivery notes and logistics bills or
the revenue recognition point. In signed delivery receipts, and evaluated whether the related revenue
response to different sales models, recognition was in accordance with the accounting policies on revenue
combined with the industry recognition;
characteristics and the differences in (4) Obtained export data from the electronic port system and reconciled
the timing of the transfer of control, it with recorded export sales to confirm the amount of export sales
corresponding revenue recognition revenue;
policies have been formulated (5) Selected samples to perform confirmation procedures;
respectively.                          (6) Analyzed and verified major customers and changes therein,
As revenue is one of the Company’s conducted background investigations on significant new customers, and
key performance indicators, there is simultaneously performed confirmation procedures to verify accounts
an inherent risk that management receivable balances and sales revenue amounts;
may manipulate the timing of (7) For the revenue transactions recorded before and after the balance
revenue recognition to achieve sheet date, selected samples, checked them against delivery notes and
specific goals or expectations. other supporting documents, and evaluated whether revenue was
Accordingly, we have identified recorded in the appropriate accounting period;
revenue recognition for OPPLE as a (8) Performed IT audit procedures on revenue, including obtaining an
key audit matter.                      understanding of, testing and evaluating the control environment of
For the accounting policies on relevant information systems, and comparing revenue data confirmed in
revenue recognition, refer to Note the order system, logistics system, warehouse system and financial
V, 34; for disclosures on revenue, system to verify the consistency of the revenue recognized.
refer to Note VII, 61.
(II) Investment and Wealth Management
As of December 31, 2025, the We performed the following main procedures for the recognition of
balance of unexpired wealth investment and wealth management:
management products presented (1) Obtained an understanding of and tested the design and operating
under "Trading Financial Assets" in effectiveness of OPPLE's key internal controls over the investment and
OPPLE's       financial    statements wealth management business, and evaluated whether the internal
amounted to RMB 3,642,802,900, controls over investment activities were effective;
accounting for 37.87% of the (2) Obtained and reviewed the authorization documents of the Board of
Company’s total assets.                Directors and the investment decision-making documents of the
As the Company's investment and Management, and consulted the Management of OPPLE to understand
wealth management transactions the purposes and motivations of the investment and wealth management;
involve significant amounts, and the (3) Reviewed payment documents for the subscription of wealth
accounting for financial assets and management products and other relevant documents, and checked
their appropriate presentation in the whether the relevant procedures had been completed;
financial statements involves the (4) Performed confirmation procedures on wealth management products
Management's assessments and outstanding at period-end and obtained replies, and carried out
judgments, we have identified procedures to check their subsequent maturity and redemption;
OPPLE's investment and wealth (5) Obtained and reviewed the relevant asset management plan contracts,
management as a key audit matter.      understood the decision-making mechanisms and processes regarding
For the accounting policies on the the management, utilization, and disposal of assets under such plans,
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
recognition of investment and          analyzed the rights of the principal and the trustee of the products,
wealth management, refer to Note       conducted interviews with the Management of OPPLE and the plan
V, 11; for disclosures related to      managers, assessed OPPLE's power over the products, the variable
investment and wealth management,      returns, and its ability to use its power to affect those variable returns,
refer to Note VII, 2.                  and determined whether OPPLE has control over such products; also
                                       obtained an understanding of and evaluated the security and
                                       recoverability of the asset management plans;
                                       (6) Reviewed whether OPPLE's accounting treatment for the investment
                                       and wealth management business was appropriate and whether it was
                                       appropriately disclosed in the financial statements.
             IV. Other Information
 The Management of OPPLE (hereinafter referred to as "the Management") is responsible for the other
 information. The other information comprises the information included in OPPLE's 2025 annual report,
 but does not include the financial statements and our audit reports.
 Our opinion on the financial statements does not cover the other information and we do not express any
 form of assurance conclusion thereon.
 In connection with our audit of the financial statements, our responsibility is to read the other information
 and, in doing so, consider whether the other information is materially inconsistent with the financial
 statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
 If, based on the work we have performed, we conclude that there is a material misstatement of this other
 information, we are required to report that fact. We have nothing to report in this regard.
             V. Responsibilities of the Management and Those Charged with Governance for Financial
             Statements
 The Management is responsible for preparing financial statements in accordance with the Accounting
 Standards for Business Enterprises to achieve fair presentation, and to design, implement, and maintain
 necessary internal controls to avoid material misstatement resulting from fraud or error.
 In the preparation of the financial statements, the Management is responsible for assessing OPPLE's
 ability to continue as a going concern, disclosing matters related to going concern (if applicable), and
 using the going concern basis of accounting unless the Management either intends to liquidate OPPLE or
 to cease operations, or has no realistic alternative but to do so.
 Those Charged with Governance are responsible for overseeing the Company's financial reporting
 process.
             VI.Responsibilities of CPAs for Auditing the Financial Statements
 Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
 free from material misstatement, whether due to fraud or error, and to issue an audit report that includes
 our audit opinions. Reasonable assurance is a high level of assurance, but it does not guarantee that an
 audit conducted in accordance with auditing standards will always detect a material misstatement if it
 exists. Misstatements may arise from fraud or error. If it is reasonably expected that any misstatements,
 either individually or collectively, could affect the economic decisions made by users of the financial
 statements based on the financial statements, the misstatements are generally considered material.
 As part of an audit in accordance with auditing standards, we exercise professional judgment and maintain
 professional skepticism throughout the audit. In addition, we also perform the following procedures:
 (I) Identify and assess the risks of material misstatement resulting from fraud or error, design and
 implement audit procedures to address these risks, and obtain adequate and appropriate audit evidence as a
 basis for giving audit opinions. As fraud may involve collusion, forgery, willful omission, and false
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
statements or overstepping the internal control, the risk of failing to detect significant misstatements due to
fraud is higher than that due to errors.
(II) Understand the internal controls related to the audit to design audit procedures that are appropriate in
the circumstances.
(III) Evaluate the appropriateness of the accounting policies used and the reasonableness of the accounting
estimates and related disclosures made by the Management.
(IV) Draw a conclusion on the appropriateness of the going-concern assumption used by the Management.
Meanwhile, based on the audit evidence obtained, conclude whether there is a material uncertainty
regarding the events or conditions that may cast significant doubt on OPPLE's ability to continue as a
going concern. If we come to the conclusion that there is material uncertainty, we shall, according to the
auditing standards, draw the attention of users of the financial statements to the relevant disclosures in the
audit report; if the disclosure is insufficient, we shall give a non-unqualified opinion. Our conclusions are
based on the information available to us up to the date of our audit report. However, future events or
circumstances may lead to the inability of OPPLE to operate as a going concern.
(V) Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements fairly reflect the relevant transactions and events.
(VI) Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or
business activities within OPPLE to express audit opinions on the consolidated financial statements. We
are responsible for the direction, supervision and performance of the Group's audit, and bearing all
liabilities for our audit opinions.
We communicated with Those Charged with Governance regarding, among others, the planned scope and
scheduling of the audit and significant audit findings, including the internal control defects that we
identified in the audit that deserve attention.
We also provided a statement to Those Charged with Governance on compliance with ethical
requirements related to independence and discussed with them all relationships and other matters that may
reasonably be considered to have an effect on our independence, as well as associated preventive actions
(if applicable).
From the matters that we communicated with Those Charged with Governance, we decided which were
the most important to the audit of the current financial statements and therefore constituted key audit
matters. We describe these matters in our audit report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
     II. Financial Statements
                                       Consolidated Balance Sheet
                                             December 31, 2025
Prepared by: OPPLE Lighting Co., Ltd.
                                                                                 Unit: Yuan    Currency: RMB
                                                                         December 31,         December 31,
                         Item                                     Note
Current assets:
Monetary funds                                                           1,716,562,743.15     1,581,045,943.61
Provision of settlement fund                                                            -                     -
Lending funds                                                                           -                     -
Held-for-trading financial assets                                        3,642,802,853.79     4,081,348,921.90
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
Derivative financial assets                                                           -                  -
Notes receivable                                                         21,044,040.00        5,926,193.84
Accounts Receivable                                                     823,716,790.28     711,175,134.86
Receivables financing                                                         56,000.00                  -
Prepayments                                                              19,927,290.62      18,323,351.03
Premium receivable                                                                    -                  -
Reinsurance accounts receivable                                                       -                  -
Reinsurance contract reserves receivable                                              -                  -
Other receivables                                                        31,064,802.47      34,168,283.53
Including: interest receivable                                                        -                  -
Dividends receivable                                                                  -       3,750,655.20
Financial assets purchased under resale agreements                                    -                  -
Inventories                                                             507,455,867.58     528,017,908.22
Including: data resources                                                             -                  -
Contract assets                                                          28,272,363.97      27,251,427.07
Assets held for sale                                                                  -                  -
Current portion of non-current assets                                                 -                  -
Other current assets                                                     47,247,055.06      50,884,575.42
Total current assets                                                  6,838,149,806.92    7,038,141,739.48
Non-current assets:
Loans and advances                                                                    -                  -
Debt investments                                                                      -                  -
Other debt investments                                                                -                  -
Long-term receivables                                                                 -                  -
Long-term equity investments                                            261,226,338.69     266,039,492.66
Investments in other equity instruments                                 142,901,100.00     142,901,100.00
Other non-current financial assets                                       74,285,521.15     107,268,827.39
Investment properties                                                    41,967,224.57      47,394,439.75
Fixed assets                                                          1,248,608,006.36    1,327,409,436.51
Construction in progress                                                195,859,059.95      22,953,466.65
Productive biological assets                                                          -                  -
Oil and gas assets                                                                    -                  -
Right-of-use assets                                                        9,245,469.99     14,227,440.26
                                   Annual Report 2025 of OPPLE Lighting Co., Ltd.
Intangible assets                                                         557,446,693.17     484,221,712.36
Including: data resources                                                               -                  -
Development expenditures                                                                -                  -
Including: data resources                                                               -                  -
Goodwill                                                                                -                  -
Long-term deferred expenses                                                11,967,578.86        9,050,769.28
Deferred tax assets                                                       121,882,932.76     125,617,613.17
Other non-current assets                                                  115,109,932.45      91,933,817.81
Total non-current assets                                                2,780,499,857.95    2,639,018,115.84
Total assets                                                            9,618,649,664.87    9,677,159,855.32
Current liabilities:
Short-term borrowings                                                        8,769,946.31     80,596,034.90
Borrowings from the central bank                                                        -                  -
Borrowing funds                                                                         -                  -
Held-for-trading financial liabilities                                                  -        118,063.58
Derivative financial liabilities                                                        -                  -
Notes payable                                                                           -                  -
Accounts payable                                                          788,545,222.37     934,649,729.00
Advances from customers                                                                 -                  -
Contract liabilities                                                      145,815,184.96     151,592,860.55
Financial assets sold under repurchase agreements                                       -                  -
Deposits from customers and interbank                                                   -                  -
Acting trading securities                                                               -                  -
Acting underwriting securities                                                          -                  -
Employee benefits payable                                                 266,103,868.14     294,923,534.71
Taxes and dues payable                                                     96,909,841.91     102,474,827.33
Other payables                                                            424,434,275.89     471,535,342.22
Including: interest payable                                                             -                  -
Dividends payable                                                                       -                  -
Fees and commissions payable                                                            -                  -
Reinsurance accounts payable                                                            -                  -
Liabilities held for sale                                                               -                  -
Current portion of non-current liabilities                                 13,408,295.60      14,781,783.37
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Other current liabilities                                              739,124,066.70     776,802,389.46
Total current liabilities                                            2,483,110,701.88    2,827,474,565.12
Non-current liabilities:
Insurance contract reserves                                                          -                  -
Long-term borrowings                                                                 -                  -
Bonds payable                                                                        -                  -
Including: preferred stock                                                           -                  -
        Perpetual bonds                                                              -                  -
Lease liabilities                                                         5,492,757.68       9,279,172.51
Long-term payables                                                                   -       8,998,803.00
Long-term employee benefits payable                                                  -                  -
Provisions                                                              44,925,810.26      47,482,998.90
Deferred income                                                         68,129,342.85      57,686,532.09
Deferred tax liabilities                                                  2,433,829.96       2,178,782.42
Other non-current liabilities                                                        -                  -
Total noncurrent liabilities                                           120,981,740.75     125,626,288.92
Total liabilities                                                    2,604,092,442.63    2,953,100,854.04
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital)                                     743,817,633.00     745,225,175.00
Other equity instruments                                                             -                  -
Including: preferred stock                                                           -                  -
        Perpetual bonds                                                              -                  -
Capital reserve                                                        640,539,945.51     645,902,422.82
Less: Treasury shares                                                  107,845,221.37     159,496,014.95
Other comprehensive income                                             -25,268,473.58      -10,936,455.23
Special reserve                                                                      -                  -
Surplus reserve                                                        400,338,803.84     400,338,803.84
General risk reserves                                                                -                  -
Undistributed profits                                                5,360,843,290.12    5,103,007,686.94
Total owners' equity (or shareholders' equity)
attributable to the parent company
Non-controlling interests                                                 2,131,244.72         17,382.86
Total owners' equity (or shareholders' equity)                       7,014,557,222.24    6,724,059,001.28
Total liabilities and owner's equity (or shareholders'
equity)
                            Annual Report 2025 of OPPLE Lighting Co., Ltd.
Company Head: Wang Yaohai   Chief Accountant: Wang Haiyan     Head of Accounting Department: Tao Leiguang
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                  Balance Sheet of the Parent Company
                                             December 31, 2025
Prepared by: OPPLE Lighting Co., Ltd.
                                                                                  Unit: Yuan    Currency: RMB
               Item                     Note            December 31, 2025               December 31, 2024
Current assets:
Monetary funds                                                    1,245,155,813.57             1,039,374,969.49
Held-for-trading financial assets                                 3,326,068,646.59             3,503,331,196.47
Derivative financial assets                                                       -                           -
Notes receivable                                                      8,029,946.31                 3,357,925.00
Accounts receivable                                                163,483,277.07               209,967,440.58
Receivables financing                                                    4,400.00                             -
Prepayments                                                           5,570,018.70                 2,430,590.28
Other receivables                                                  580,799,545.34               623,040,018.27
Including: interest receivable                                          17,944.31                             -
Dividends receivable                                               276,557,680.67               276,557,680.67
Inventories                                                        201,164,507.99               230,483,947.84
Including: data resources                                                         -                           -
Contract assets                                                       1,876,791.33                 3,531,858.03
Assets held for sale                                                              -                           -
Current portion of non-current
                                                                                  -                           -
assets
Other current assets                                                  1,720,217.59                 2,764,503.83
Total current assets                                              5,533,873,164.49             5,618,282,449.79
Non-current assets:
Debt investments                                                                  -                           -
Other debt investments                                                            -                           -
Long-term receivables                                                             -                           -
Long-term equity investments                                      1,128,653,584.60             1,098,776,452.95
Investments in other equity
instruments
Other non-current financial
assets
Investment properties                                                             -                           -
Fixed assets                                                       109,359,567.45               121,863,581.47
Construction in progress                                               450,883.33                             -
                                   Annual Report 2025 of OPPLE Lighting Co., Ltd.
Productive biological assets                                                        -                  -
Oil and gas assets                                                                  -                  -
Right-of-use assets                                                     3,662,395.94        5,794,642.16
Intangible assets                                                        134,395.06          626,397.72
Including: data resources                                                           -                  -
Development expenditures                                                            -                  -
Including: data resources                                                           -                  -
Goodwill                                                                            -                  -
Long-term deferred expenses                                              512,228.54          105,467.60
Deferred tax assets                                                   44,563,784.64       51,850,491.55
Other non-current assets                                                 258,020.00          372,198.52
Total non-current assets                                            1,504,781,480.71    1,529,559,159.36
Total                                                               7,038,654,645.20    7,147,841,609.15
Current liabilities:
Short-term borrowings                                                   7,969,946.31         797,925.00
Held-for-trading financial
                                                                                    -                  -
liabilities
Derivative financial liabilities                                                    -                  -
Notes payable                                                                       -                  -
Accounts payable                                                     130,105,254.92       54,540,500.01
Advances from customers                                                             -                  -
Contract liabilities                                                  91,144,922.25      174,659,167.81
Employee benefits payable                                            108,036,654.71      125,325,309.19
Taxes and dues payable                                                47,585,247.22       51,611,896.35
Other payables                                                       268,999,634.47      254,173,519.39
Including: interest payable                                                         -                  -
Dividends payable                                                                   -                  -
Liabilities held for sale                                                           -                  -
Current portion of non-current
liabilities
Other current liabilities                                            409,914,185.54      504,271,325.24
Total current liabilities                                           1,075,684,620.88    1,177,789,687.55
Non-current liabilities:
Long-term borrowings                                                                -                  -
Bonds payable                                                                       -                  -
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Including: preferred stock                                                          -                             -
        Perpetual bonds                                                             -                             -
Lease liabilities                                                        839,167.86                  2,371,375.59
Long-term payables                                                                  -                8,998,803.00
Long-term employee benefits
                                                                                    -                             -
payable
Provisions                                                              4,345,141.08                 5,906,748.26
Deferred income                                                                     -                             -
Deferred tax liabilities                                                1,913,284.37                 1,662,090.01
Other non-current liabilities                                                       -                             -
Total noncurrent liabilities                                            7,097,593.31                18,939,016.86
Total liabilities                                                   1,082,782,214.19            1,196,728,704.41
Owners' equity (or shareholders' equity):
Paid-in capital (or share capital)                                   743,817,633.00               745,225,175.00
Other equity instruments                                                            -                             -
Including: preferred stock                                                          -                             -
        Perpetual bonds                                                             -                             -
Capital reserve                                                      660,166,603.94               665,529,081.25
Less: Treasury shares                                                107,845,221.37               159,496,014.95
Other comprehensive income                                             -7,098,900.00                -7,098,900.00
Special reserve                                                                     -                             -
Surplus reserve                                                      399,218,538.79               399,218,538.79
Undistributed profits                                               4,267,613,776.65            4,307,735,024.65
Total owners' equity (or
shareholders' equity)
Total liabilities and owner's
equity (or shareholders' equity)
Company Head: Wang Yaohai            Chief Accountant: Wang Haiyan       Head of Accounting Department: Tao Leiguang
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                     Consolidated Income Statement
                                     From January to December 2025
                                                                                 Unit: Yuan    Currency: RMB
                   Item                          Note                  2025                      2024
I. Total operating revenue                                        6,970,146,425.51            7,096,343,305.89
Including: operating revenue                                      6,970,146,425.51            7,096,343,305.89
Interest income                                                                      -                       -
Earned premium                                                                       -                       -
Fee and commission income                                                            -                       -
II. Total operating costs                                         6,034,181,507.23            6,246,770,179.15
Including: operating costs                                        4,228,485,604.32            4,308,012,292.26
Interest expenses                                                                    -                       -
Fee and commission expenses                                                          -                       -
Surrender value                                                                      -                       -
Net claims paid                                                                      -                       -
Net provision for insurance liabilities                                              -                       -
Policy dividend expenses                                                             -                       -
Reinsurance expenses                                                                 -                       -
Taxes and surcharges                                                  56,522,408.06             58,325,813.02
Selling expenses                                                  1,213,656,257.96            1,291,188,397.86
Administrative expenses                                             269,557,938.82             335,693,236.17
R&D expenses                                                        296,922,518.64             306,023,822.87
Financial expenses                                                   -30,963,220.57             -52,473,383.03
Including: Interest expense                                            1,187,029.81               5,466,488.41
Interest income                                                       22,633,394.20             70,928,071.15
Add: Other incomes                                                    86,801,754.35             94,160,082.40
Investment income (losses denoted by
"-")
Including: income from investments in
                                                                      -4,831,458.27             25,834,599.07
associates and joint ventures
Gains from derecognition of financial
                                                                                     -                       -
assets measured at amortized cost.
Exchange gains (loss denoted by "-")                                                 -                       -
Net gain on exposure hedging (loss
                                                                                     -                       -
denoted by "-")
Gains from changes in fair value (loss
denoted by "-")
Credit impairment loss (loss denoted
                                                                      -5,740,700.02             -21,426,212.08
by "-")
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Asset impairment loss (loss denoted by
                                                                     -10,571,045.54      -10,489,971.99
"-")
Gains from assets disposal (loss
denoted by "-")
III. Operating profit (loss denoted by
'-')
Add: Non-operating income                                             33,719,362.41      22,092,252.22
Less: non-operating expenses                                          33,159,089.77        4,241,395.12
IV. Total profit (total loss denoted by
"-")
Less: income tax expenses                                           160,641,013.67      125,094,658.42
V. Net profit (net loss denoted by "-")                             922,610,569.09      904,753,983.56
(I) Classification by operation continuity
operations (net loss denoted by "-")
                                                                                   -                  -
operations (net loss denoted by "-")
(II) Classification by ownership
shareholders of the parent company                                  920,496,707.23      902,969,226.83
(net loss denoted by "-")
denoted by "-")
VI. Other comprehensive income after
                                                                     -14,584,677.69      -57,007,808.34
tax
(I) Items attributable to the owners of
                                                                     -14,332,018.35      -57,148,144.65
the parent company
                                                                                   -     -61,848,900.00
subsequently to profit or loss
(1) Remeasurements of the net defined
                                                                                   -                  -
benefit plan
(2) Items under equity method that will
                                                                                   -                  -
not be re-classified to profit or loss
(3) Changes in fair value of other
                                                                                   -     -61,848,900.00
equity instrument investments
(4) Changes in fair value of the
                                                                                   -                  -
enterprise's own credit risk
                                                                     -14,332,018.35        4,700,755.35
re-classified into profit or loss
(1) Items under equity method that may
                                                                                   -                  -
be re-classified to profit or loss
(2) Changes in fair value of other debt
                                                                                   -                  -
investments
(3) Profit or loss from reclassification
of financial assets into other                                                     -                  -
comprehensive income
(4) Provision for credit impairment of
                                                                                   -                  -
other debt investments
(5) Cash flow hedging reserves                                                     -                  -
(6) Exchange differences on translation
                                                                     -14,332,018.35        4,700,755.35
of foreign currency financial
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
statements
(7) Others                                                                          -                           -
(II) Items attributable to
                                                                        -252,659.34               140,336.31
non-controlling shareholders
VII. Total comprehensive income                                     908,025,891.40           847,746,175.22
(I) Items attributable to the owners of
the parent company
(II) Items attributable to
non-controlling shareholders
VIII. Earnings per share:
(I) Basic earnings per share (RMB per
share)
(II) Diluted earnings per share (RMB
per share)
For business combinations under common control, the net profit realized by the combined party before the
combination is RMB 0, and the net profit realized by the combined party in the prior period is RMB 0.
Company Head: Wang Yaohai      Chief Accountant: Wang Haiyan      Head of Accounting Department: Tao Leiguang
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                Income Statement of the Parent Company
                                      From January to December 2025
                                                                                  Unit: Yuan    Currency: RMB
                   Item                           Note                  2025                      2024
I. Operating revenue                                               4,191,304,416.02            4,471,022,757.37
Less: operating costs                                              3,059,318,882.81            3,274,590,571.15
Taxes and surcharges                                                   16,879,387.71             16,967,679.97
Selling expenses                                                     369,746,841.36             393,103,466.67
Administrative expenses                                              208,782,187.88             252,979,363.73
R&D expenses                                                         142,063,196.97             152,742,717.93
Financial expenses                                                    -13,273,125.02             -58,339,999.64
Including: Interest expense                                               138,546.52                100,783.95
Interest income                                                        13,683,639.29             57,732,862.29
Add: Other incomes                                                     28,076,738.74             27,523,493.73
Investment income (losses denoted by
"-")
Including: income from investments in
                                                                       -1,231,268.35                 -96,887.70
associates and joint ventures
Gains from derecognition of financial
                                                                                      -                       -
assets measured at amortized cost.
Net gain on exposure hedging (loss
                                                                                      -                       -
denoted by "-")
Gains from changes in fair value (loss
denoted by "-")
Credit impairment loss (loss denoted
                                                                       -1,496,149.37              -3,280,626.26
by "-")
Asset impairment loss (loss denoted by
                                                                       -1,995,152.92              -7,816,765.43
"-")
Gains from assets disposal (loss
denoted by "-")
II. Operating profit (loss denoted by
"-")
Add: Non-operating income                                              28,332,530.13             22,990,336.95
Less: non-operating expenses                                           30,287,206.83                277,165.72
III. Total profit (total loss denoted by
"-")
Less: income tax expenses                                              53,751,569.39             53,563,559.68
IV. Net profit (net loss denoted by "-")                             622,539,856.05             838,090,818.18
 (I) Net profit from continuing operation
 (net loss denoted by "-")
 (II) Net profit from discontinued
                                                                                      -                       -
 operations (net loss denoted by "-")
V. Other comprehensive income after
                                                                                      -          -61,848,900.00
tax
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
(I) Items not to be re-classified
                                                                                     -         -61,848,900.00
subsequently to profit or loss
                                                                                     -                        -
benefit plan
                                                                                     -                        -
not be re-classified to profit or loss
                                                                                     -         -61,848,900.00
instrument investments
                                                                                     -                        -
enterprise's own credit risk
(II) Items to be re-classified
                                                                                     -                        -
subsequently to profit or los
                                                                                     -                        -
be re-classified to profit or loss
                                                                                     -                        -
debt investments
financial assets into other                                                          -                        -
comprehensive income
                                                                                     -                        -
other debt investments
                                                                                     -                        -
of foreign currency
VI. Total comprehensive income                                       622,539,856.05           776,241,918.18
VII. Earnings per share:
(I) Basic earnings per share (RMB per
share)
(II) Diluted earnings per share (RMB
per share)
Company Head: Wang Yaohai        Chief Accountant: Wang Haiyan      Head of Accounting Department: Tao Leiguang
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                    Consolidated Cash Flow Statement
                                      From January to December 2025
                                                                                  Unit: Yuan    Currency: RMB
               Item                          Note                     2025                        2024
I. Cash flows from operating activities:
Cash received from sales of goods
and the rendering of services
Net increase in deposits from
                                                                                     -                        -
customers and interbank
Net increase in borrowings from
                                                                                     -                        -
central bank
Net increase in funds borrowed
                                                                                     -                        -
from other financial institutions
Cash receipts from original
                                                                                     -                        -
insurance contract premium
Net cash received from
                                                                                     -                        -
reinsurance business
Net increase in policyholders'
                                                                                     -                        -
deposits and investment funds
Cash received from interests, fees
                                                                                     -                        -
and commissions
Net increase of loans from others                                                    -                        -
Net increase of repurchase                                                           -                        -
Net cash received from agency
                                                                                     -                        -
trading of securities
Receipts of tax refund                                                 6,260,023.30                5,568,576.25
Other cash receipts in relation to
operating activities
Subtotal of cash inflows from
operating activities
Cash paid for purchase of goods
and services
Net increase in customer loans and
advances
Net increase in deposits with the
central bank and other banks
Cash paid for claims under the
original insurance contract
Net increase in lending funds
Cash paid for interests, fees and
commissions
Cash paid for policy dividends
Cash paid to and for employees                                     1,395,595,358.73            1,398,018,279.75
Cash paid for taxes and rates                                       478,978,047.93              522,312,359.54
Cash paid relating to other
operating activities
Subtotal of cash outflows from
operating activities
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
Net cash flow from operating
activities
II. Cash flows from investing activities:
Cash received from the disposal of
investment
Cash received from investment
income
Net cash received from disposal of
fixed assets, intangible assets, and                                     273,281.85          606,747.68
other long-term assets
Net cash received from disposal of
subsidiaries and other business                                                    -           8,190.40
entities
Cash received relating to other
                                                                                   -                   -
investing activities
Subtotal of cash inflows from
investing activities
Cash paid for the purchase and
construction of fixed assets,
intangible assets, and other
long-term assets
Cash paid for investments                                          5,397,178,290.00    8,278,185,877.22
Net increase in pledge loans                                                       -                   -
Net cash paid for the acquisition of
subsidiaries and other business                                                    -      23,142,817.56
entities
Cash paid relating to other
                                                                                   -                   -
investment activities
Subtotal of cash outflows from
investment activities
Net cash flow from investment
activities
III. Cash flows from financing activities:
Cash received from absorbing
investments
Including: cash received by
subsidiaries from non-controlling                                                  -       5,236,404.33
shareholders as investments
Cash received from borrowings                                         20,198,103.33       22,589,673.06
Other cash received relating to
                                                                                   -                   -
financing activities
Subtotal of cash inflows from
financing activities
Cash paid for repayment of debt                                       91,780,690.37       94,796,868.08
Cash paid for distribution of
dividends or profits and for interest                                662,937,208.32      628,077,545.99
expenses
Including: dividends and profits
paid by subsidiaries to minority                                                   -                   -
shareholders
Other cash payments related to
financing activities
                            Annual Report 2025 of OPPLE Lighting Co., Ltd.
Subtotal of cash outflows from
financing activities
Net cash flow from financing
                                                              -744,372,992.78           -838,385,043.70
activities
IV. Effect of exchange rate
changes on cash and cash                                          -924,137.59               2,668,591.05
equivalents
V. Net increase in cash and cash
equivalents
Add: Opening balance of cash and
cash equivalents
VI. Closing balance of cash and
cash equivalents
Company Head: Wang Yaohai   Chief Accountant: Wang Haiyan     Head of Accounting Department: Tao Leiguang
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                             Cash Flow Statement of the Parent Company
                                       From January to December 2025
                                                                                 Unit: Yuan    Currency: RMB
               Item                          Note                     2025                       2024
I. Cash flows from operating activities:
Cash received from sales of goods
and the rendering of services
Receipts of tax refund                                                              -                        -
Other cash receipts in relation to
operating activities
Subtotal of cash inflows from
operating activities
Cash paid for purchase of goods
and services
Cash paid to and for employees                                      434,423,428.36             468,361,595.21
Cash paid for taxes and rates                                       198,511,493.86             222,027,002.25
Cash paid relating to other
operating activities
Subtotal of cash outflows from
operating activities
Net cash flow from operating
activities
II. Cash flows from investing activities:
Cash received from the disposal of
investment
Cash received from investment
income
Net cash received from disposal of
fixed assets, intangible assets, and                                         2,830.96              252,592.87
other long-term assets
Net cash received from disposal of
subsidiaries and other business                                                     -                        -
entities
Cash received relating to other
investing activities
Subtotal of cash inflows from
investing activities
Cash paid for the purchase and
construction of fixed assets,
intangible assets, and other
long-term assets
Cash paid for investments                                          4,640,208,400.00           7,363,420,247.22
Net cash paid for the acquisition of
subsidiaries and other business                                                     -                        -
entities
Cash paid relating to other
                                                                                    -                        -
investment activities
Subtotal of cash outflows from
investment activities
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
Net cash flow from investment
activities
III. Cash flows from financing activities:
Cash received from absorbing
investments
Cash received from borrowings                                           8,069,946.31               1,294,179.17
Other cash received relating to
                                                                                     -                            -
financing activities
Subtotal of cash inflows from
financing activities
Cash paid for repayment of debt                                           897,925.00                 496,254.17
Cash paid for distribution of
dividends or profits and for interest                                661,702,525.76             621,497,941.83
expenses
Other cash payments related to
financing activities
Subtotal of cash outflows from
financing activities
Net cash flow from financing
                                                                    -662,297,986.34            -755,923,188.92
activities
IV. Effect of exchange rate
changes on cash and cash                                                   69,727.27                 861,198.44
equivalents
V. Net increase in cash and cash
equivalents
Add: Opening balance of cash and
cash equivalents
VI. Closing balance of cash and
cash equivalents
Company Head: Wang Yaohai      Chief Accountant: Wang Haiyan        Head of Accounting Department: Tao Leiguang
                                                                                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                        Consolidated Statement of Changes in Owners' Equity
                                                                                                         From January to December 2025
                                                                                                                                                                                                                 Unit: Yuan         Currency: RMB
                                                                                                      Owners' Equity Attributable to the Parent Company
     Item          Paid-in Capital            Other Equity Instruments                                                   Other                                                                                                            Minority        Total Owners'
                                                                                                Less: Treasury                            Special       Surplus          General Risk    Undistributed
                      (or Share          Preferred    Perpetual              Capital Reserves                       comprehensive                                                                            Others      Subtotal         Interests          Equity
                                                                    Others                         Shares                                Reserves       Reserves          Reserves         Profits
                       Capital)            Stock        Bonds                                                          Income
I. Closing
balance of the     745,225,175.00                -            -          -    645,902,422.82    159,496,014.95      -10,936,455.23            -     400,338,803.84                  -   5,103,007,686.94              6,724,041,618.42     17,382.86      6,724,059,001.28
previous year
Add: Changes in
accounting                           -           -            -          -                  -                 -                   -           -                      -              -                    -                           -                -                   -
policies
Correction of
prior period                         -           -            -          -                  -                 -                   -           -                      -              -                    -                           -                -                   -
errors
Others                               -           -            -          -                  -                 -                   -           -                      -              -                    -        -                  -
II. Opening
balance of the     745,225,175.00                -            -          -    645,902,422.82    159,496,014.95      -10,936,455.23            -     400,338,803.84                  -   5,103,007,686.94              6,724,041,618.42     17,382.86      6,724,059,001.28
current year
III. Increase or
decrease in
current period       -1,407,542.00               -            -          -     -5,362,477.31    -51,650,793.58      -14,332,018.35            -                      -              -    257,835,603.18                288,384,359.10    2,113,861.86      290,498,220.96
(decrease
denoted by "-")
(I) Total
comprehensive                        -           -            -          -                  -                 -     -14,332,018.35            -                      -              -    920,496,707.23                906,164,688.88    1,861,202.52      908,025,891.40
income
(II) Capital
contributed or
                     -1,407,542.00               -            -          -      8,253,485.89    -28,156,430.38                    -           -                      -              -                    -              35,002,374.27     252,659.34        35,255,033.61
reduced by
owners
shares invested                      -           -            -          -                  -                 -                   -           -                      -              -                    -                           -                -                   -
by owners
contributed by
holders of other                     -           -            -          -                  -     9,878,400.00                    -           -                      -              -                    -               -9,878,400.00                -      -9,878,400.00
equity
instruments
payments
                                     -           -            -          -     19,320,543.41                  -                   -           -                      -              -                    -              19,320,543.41                 -     19,320,543.41
included in
owners' equity
(III) Profit
                                     -           -            -          -                  -                 -                   -           -                      -              -   -662,661,104.05               -662,661,104.05                 -   -662,661,104.05
distribution
of surplus                           -           -            -          -                  -                 -                   -           -                      -              -                    -                           -                -                   -
reserve
                                                                    Annual Report 2025 of OPPLE Lighting Co., Ltd.
of general risk                  -   -   -   -                -                -                -         -                -   -                  -                  -              -                  -
reserves
of profit to
                                 -   -   -   -                -                -                -         -                -   -   -662,661,104.05    -662,661,104.05               -   -662,661,104.05
owners (or
shareholders)
(IV) Internal
carry-over of                    -   -   -   -   -13,615,963.20   -23,494,363.20                -         -                -   -                  -       9,878,400.00              -       9,878,400.00
owners' equity
reserves
converted to                     -   -   -   -                -                -                -         -                -   -                  -                  -              -                  -
capital (or share
capital)
reserves
converted to                     -   -   -   -                -                -                -         -                -   -                  -                  -              -                  -
capital (or share
capital)
reserves to cover                -   -   -   -                -                -                -         -                -   -                  -                  -              -                  -
losses
defined benefit
plans carried                    -   -   -   -                -                -                -         -                -   -                  -                  -              -                  -
forward into
retained earnings
comprehensive
income carried                   -   -   -   -                -                -                -         -                -   -                  -                  -              -                  -
forward into
retained earnings
(V) Special
                                 -   -   -   -                -                -                -         -                -   -                  -                  -              -                  -
reserves
                                 -   -   -   -                -                -                -         -                -   -                  -                  -              -                  -
current period
                                 -   -   -   -                -                -                -         -                -   -                  -                  -              -                  -
period
(VI) Others                      -   -   -   -                -                -                -         -                -   -                  -                  -              -                  -
IV. Closing
balance of the      743,817,633.00   -   -   -   640,539,945.51   107,845,221.37   -25,268,473.58         -   400,338,803.84   -   5,360,843,290.12   7,012,425,977.52   2,131,244.72   7,014,557,222.24
current period
                                                                                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                                  Owners' Equity Attributable to the Parent Company
      Item
                                                                                                                                                                                                                                     Minority        Total Owners'
                   Paid-in Capital           Other Equity Instruments                                                   Other                                           General
                                                                                               Less: Treasury                            Special        Surplus                    Undistributed                                     Interests          Equity
                      (or Share                                             Capital Reserves                        Comprehensive                                         Risk                         Others   Subtotal
                                         Preferred   Perpetual                                    Shares                                 Reserves       Reserves                     Profits
                       Capital)                                    Others                                              Income                                           Reserves
                                           Stock      Bonds
I. Closing
balance of the     746,426,035.00                -            -         -    709,631,829.50     77,381,833.86        46,211,689.42              -     400,338,803.84           -   4,823,670,299.69             6,648,896,823.59   13,752,342.79     6,662,649,166.38
previous year
Add: Changes in
accounting                           -           -            -         -                  -                    -                -              -                   -          -                   -                           -                 -                   -
policies
Correction of
prior period                         -           -            -         -                  -                    -                -              -                   -          -                   -                           -                 -                   -
errors
Others                               -           -            -         -                  -                    -                -              -                   -          -                   -                           -                 -                   -
II. Opening
balance of the     746,426,035.00                -            -         -    709,631,829.50     77,381,833.86        46,211,689.42              -     400,338,803.84           -   4,823,670,299.69             6,648,896,823.59   13,752,342.79     6,662,649,166.38
current year
III. Increase or
decrease in
current period       -1,200,860.00               -            -         -    -63,729,406.68     82,114,181.09       -57,148,144.65              -                   -          -    279,337,387.25                75,144,794.83    -13,734,959.93      61,409,834.90
(decrease
denoted by "-")
(I) Total
comprehensive                        -           -            -         -                  -                    -   -57,148,144.65              -                   -          -    902,969,226.83               845,821,082.18     1,925,093.04      847,746,175.22
income
(II) Capital
contributed or
                     -1,200,860.00               -            -         -    -13,806,781.96    176,772,429.81                    -              -                   -          -                   -            -191,780,071.77    -15,660,052.97    -207,440,124.74
reduced by
owners
shares invested                      -           -            -         -                  -                    -                -              -                   -          -                   -                           -      500,000.00          500,000.00
by owners
contributed by
holders of other                     -           -            -         -                  -    44,735,624.00                    -              -                   -          -                   -              -44,735,624.00                 -     -44,735,624.00
equity
instruments
payments
                                     -           -            -         -     28,268,242.55                     -                -              -                   -          -                   -              28,268,242.55                  -     28,268,242.55
included in
owners' equity
(III) Profit
                                     -           -            -         -                  -                    -                -              -                   -          -   -623,631,839.58              -623,631,839.58                  -   -623,631,839.58
distribution
                                                                        Annual Report 2025 of OPPLE Lighting Co., Ltd.
of surplus                       -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
reserve
of general risk                  -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
reserves
of profit to
                                 -   -   -      -                -                -                -             -                -   -   -623,631,839.58    -623,631,839.58            -   -623,631,839.58
owners (or
shareholders)
(IV) Internal
carry-over of                    -   -   -      -   -49,922,624.72   -94,658,248.72                -             -                -   -                  -     44,735,624.00            -     44,735,624.00
owners' equity
reserves
converted to                     -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
capital (or share
capital)
reserves
converted to                     -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
capital (or share
capital)
reserves to cover                -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
losses
defined benefit
plans carried                    -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
forward into
retained earnings
comprehensive
income carried                   -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
forward into
retained earnings
(V) Special
                                 -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
reserves
                                 -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
current period
                                 -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
period
(VI) Others                      -   -   -      -                -                -                -             -                -   -                  -                  -           -                  -
IV. Closing
balance of the      745,225,175.00   -   -      -   645,902,422.82   159,496,014.95   -10,936,455.23             -   400,338,803.84   -   5,103,007,686.94   6,724,041,618.42   17,382.86   6,724,059,001.28
current period
            Company Head: Wang Yaohai    Chief Accountant: Wang Haiyan                Head of Accounting Department: Tao Leiguang
                                                                                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                        Statement of Changes in Owners' Equity of the Parent Company
                                                                                                                  From January to December 2025
                                                                                                                                                                                                                     Unit: Yuan         Currency: RMB
                     Item                                                    Other Equity Instruments
                                              Paid-in Capital (or                                                     Capital             Less: Treasury       Other comprehensive    Special         Surplus           Undistributed       Total Owners'
                                                Share Capital)          Preferred        Perpetual                   Reserves                Shares                   Income         Reserves         Reserves            Profits              Equity
                                                                                                         Others
                                                                          Stock           Bonds
I. Closing balance of the previous year            745,225,175.00                   -                -        -   665,529,081.25           159,496,014.95            -7,098,900.00              -   399,218,538.79     4,307,735,024.65     5,951,112,904.74
Add: Changes in accounting policies                                 -               -                -        -                 -                          -                     -              -                -                      -                   -
Correction of prior period errors                                   -               -                -        -                 -                          -                     -              -                -                      -                   -
Others                                                              -               -                -        -                 -                          -                     -              -                -                      -                   -
II. Opening balance of the current year            745,225,175.00                   -                -        -   665,529,081.25           159,496,014.95            -7,098,900.00              -   399,218,538.79     4,307,735,024.65     5,951,112,904.74
III. Increase or decrease in current period
                                                     -1,407,542.00                  -                -        -     -5,362,477.31          -51,650,793.58                                       -                -       -40,121,248.00         4,759,526.27
(decrease denoted by "-")
(I) Total comprehensive income                                      -               -                -        -                 -                          -                                    -                -      622,539,856.05       622,539,856.05
(II) Capital contributed or reduced by
                                                     -1,407,542.00                  -                -        -     8,253,485.89           -28,156,430.38                        -              -                -                      -     35,002,374.27
owners
                                                                    -               -                -        -                 -              9,878,400.00                      -              -                -                      -      -9,878,400.00
equity instruments
                                                                    -               -                -        -    19,320,543.41                           -                     -              -                -                      -     19,320,543.41
owners' equity
(III) Profit distribution                                           -               -                -        -                 -                          -                     -              -                -      -662,661,104.05     -662,661,104.05
                                                                        Annual Report 2025 of OPPLE Lighting Co., Ltd.
(IV) Internal carry-over of owners' equity                  -   -   -     -   -13,615,963.20         -23,494,363.20               -   -                -                  -       9,878,400.00
                                                            -   -   -     -                -                      -               -   -                -                  -                  -
share capital)
                                                            -   -   -     -                -                      -               -   -                -                  -                  -
share capital)
                                                            -   -   -     -                -                      -               -   -                -                  -                  -
forward into retained earnings
                                                            -   -   -     -                -                      -               -   -                -                  -                  -
forward into retained earnings
(V) Special reserves                                        -   -   -     -                -                      -               -   -                -                  -                  -
(VI) Others                                                 -   -   -     -                -                      -               -   -                -                  -                  -
IV. Closing balance of the current period      743,817,633.00   -   -     -   660,166,603.94         107,845,221.37   -7,098,900.00   -   399,218,538.79   4,267,613,776.65   5,955,872,431.01
                                                                                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
                    Item                                                     Other Equity Instruments
                                              Paid-in Capital (or                                                   Capital             Less: Treasury       Other Comprehensive     Special         Surplus        Undistributed       Total Owners'
                                                Share Capital)          Preferred       Perpetual                  Reserves                Shares                   Income          Reserves         Reserves         Profits              Equity
                                                                                                        Others
                                                                         Stock           Bonds
I. Closing balance of the previous year            746,426,035.00                   -               -        -   699,637,456.60           77,381,833.86            54,750,000.00               -   399,218,538.79   4,093,276,046.05    5,915,926,242.58
Add: Changes in accounting policies                                 -               -               -        -                -                          -                      -              -                -                   -                   -
Correction of prior period errors                                   -               -               -        -                -                          -                      -              -                -                   -                   -
Others                                                              -               -               -        -                -                          -                      -              -                -                   -                   -
II. Opening balance of the current year            746,426,035.00                   -               -        -   699,637,456.60           77,381,833.86            54,750,000.00               -   399,218,538.79   4,093,276,046.05    5,915,926,242.58
III. Increase or decrease in current period
                                                     -1,200,860.00                  -               -        -   -34,108,375.35           82,114,181.09            -61,848,900.00              -                -    214,458,978.60       35,186,662.16
(decrease denoted by "-")
(I) Total comprehensive income                                      -               -               -        -                -                          -         -61,848,900.00              -                -    838,090,818.18      776,241,918.18
(II) Capital contributed or reduced by
                                                     -1,200,860.00                  -               -        -    15,814,249.37          176,772,429.81                         -              -                -                   -   -162,159,040.44
owners
                                                                    -               -               -        -                -           44,735,624.00                         -              -                -                   -     -44,735,624.00
equity instruments
                                                                    -               -               -        -    28,268,242.55                          -                      -              -                -                   -     28,268,242.55
owners' equity
(III) Profit distribution                                           -               -               -        -                -                          -                      -              -                -   -623,631,839.58     -623,631,839.58
(IV) Internal carry-over of owners' equity                          -               -               -        -   -49,922,624.72          -94,658,248.72                         -              -                -                   -     44,735,624.00
                                                                                   Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                            -        -        -      -                  -                      -               -   -                -                  -                  -
share capital)
                                                            -        -        -      -                  -                      -               -   -                -                  -                  -
share capital)
                                                            -        -        -      -                  -                      -               -   -                -                  -                  -
forward into retained earnings
                                                            -        -        -      -                  -                      -               -   -                -                  -                  -
forward into retained earnings
(V) Special reserves                                        -        -        -      -                  -                      -               -   -                -                  -                  -
(VI) Others                                                 -        -        -      -                  -                      -               -   -                -                  -                  -
IV. Closing balance of the current period      745,225,175.00        -        -      -     665,529,081.25         159,496,014.95   -7,098,900.00   -   399,218,538.79   4,307,735,024.65   5,951,112,904.74
                  Company Head: Wang Yaohai                Chief Accountant: Wang Haiyan         Head of Accounting Department: Tao Leiguang
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     III Basic Information of the Company
√Applicable □Not Applicable
     OPPLE Lighting Co., Ltd. (hereinafter referred to as "Company" or "the Company"), was formerly
known as OPPLE Lighting Limited. Pursuant to the shareholders’ resolution dated May 14, 2012, and the
Articles of Association (draft), OPPLE Lighting Limited was converted as a whole into OPPLE Lighting
Co., Ltd.
      With the approval of the China Securities Regulatory Commission via the Reply on Approving the
Initial Public Offering of Shares by OPPLE Lighting Co., Ltd. (ZJXK [2016] No. 1658), the Company
publicly issued 58 million RMB-denominated ordinary shares (A shares) and was listed on the Shanghai
Stock Exchange in August 2016. The Company operates in the electrical machinery and equipment
manufacturing industry.
     Unified Social Credit Code of the Company: 91310000680999558Q.
     As of December 31, 2025, the Company had a total issued share capital of 743,817,633 shares, with a
registered capital of RMB 746,426,035. The registered address is Room 411, Building 1, No. 6111
Longdong Avenue, Pudong New Area, Shanghai, and the headquarters address is Building V3, MixC, No.
      The Company’s principal business activities are as follows: Licensed items: electrical installation
services; construction works. (Items subject to approval in accordance with laws shall be carried out only
upon approval by relevant authorities, and specific business items shall be subject to the approval
documents or permits issued by relevant authorities.) General items: import and export of goods; import
and export of technologies; manufacturing of lighting fixtures; manufacturing of electromechanical
equipment; sales of electromechanical equipment; sales of lighting fixtures; sales of building decoration
materials; sales of sanitary wares; sales of furniture; sales of smart home consumer devices; sales of
fire-fighting equipment; sales of electronic products; sales of household appliances; sales of gas and liquid
separation and purification equipment; sales of pumps and vacuum equipment; sales of daily necessities;
retail of hardware products; installation services for household appliances; professional design services;
industrial design services; information technology consulting services; information consulting services
(excluding licensed information consulting services); certification consulting; technology services,
technology development, technology consulting, technology exchange, technology transfer, and
technology promotion; non-residential real estate leasing. (Except for items subject to approval by law,
business activities can be conducted independently according to law as per the business license)
     The Company's parent company is Zhongshan OPPLE Investment Co., Ltd., and its actual controllers
are the couple Wang Yaohai and Ma Xiuhui.
    These financial statements were approved and reported through the resolution of the Company's
Board of Directors on April 22, 2026.
     IV. Basis for Preparation of Financial Statements
     These financial statements were prepared in accordance with the Accounting Standards for
Enterprises - Basic Standards and the specific accounting standards issued by the Ministry of Finance, the
Guidelines for the Application of Accounting Standards for Business Enterprises, Interpretation of
Accounting Standards for Business Enterprises and other relevant regulations (hereinafter collectively
referred to as "Accounting Standards for Business Enterprises"), as well as the relevant provisions of the
Compilation Rules for Information Disclosure by Companies Offering Securities to the Public No. 15 -
General Provisions on Financial Reports issued by China Securities Regulatory Commission.
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
√Applicable □Not Applicable
     These financial statements were prepared on a going concern basis.
     V.   Significant Accounting Policies and Estimates
Reminders on specific accounting policies and accounting estimates:
√Applicable □Not Applicable
    The following disclosures cover the specific accounting policies and accounting estimates
formulated by the Company based on its actual production and operation characteristics.
     The financial statements prepared by the Company comply with the requirements of the Accounting
Standards for Business Enterprises, which truly and completely reflect the financial status, operating
results, changes in shareholders’ equity, cash flow and other relevant information of the Company.
     The Company's fiscal year is from January 1 to December 31 of each calendar year.
√Applicable □Not Applicable
     The Company's operating cycle is 12 months.
     The Company adopts RMB as the recording currency.
√Applicable □Not Applicable
                       Item                                           Materiality Criteria
Significant receivables with provision for bad
debts made on an individual basis, other               Carrying amount of over RMB 10 million
receivables, and contract assets.
                                                       Single investment budget accounting for more
Significant construction in progress                   than 10% of the Company's latest audited net
                                                       assets
                                                       Single investment amount accounting for more
Significant investment activities                      than 10% of the Company's latest audited net
                                                       assets
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
√Applicable □Not Applicable
      Business combinations under common control: The assets and liabilities acquired by the combining
party in a business combination (including goodwill arising from the acquiree being acquired by the
ultimate controlling party) are measured at the carrying amounts of the combined party's assets and
liabilities as recorded in the consolidated financial statements of the ultimate controlling party at the
combination date. The difference between the carrying amount of the net assets acquired in the
combination and the carrying amount of the consideration paid (or the aggregate nominal value of the
shares issued) is adjusted against the share premium in capital reserve. If the share premium in capital
reserve is insufficient to offset the difference, adjustment is made to retained earnings.
     Business combinations not under common control: The combination cost is the aggregate of the fair
values of assets transferred, liabilities incurred or assumed, and equity securities issued by the acquirer at
the acquisition date to obtain control of the acquiree. The excess of the combination cost over the
acquirer's share of the fair value of the acquiree's identifiable net assets is recognized as goodwill. Where
the combination cost is less than the acquirer's share of the fair value of the acquiree's identifiable net
assets, the difference is recognized in the current profit or loss. The identifiable assets, liabilities and
contingent liabilities of the acquiree that meet the recognition criteria are measured at their fair values at
the acquisition date.
     Directly attributable costs related to the business combination are recognized in the current profit or
loss when incurred. Transaction costs related to the issuance of equity or debt securities in connection with
a business combination are included in the initially recognized amount of these securities.
     Statements
√Applicable □Not Applicable
     The scope of consolidated financial statements is determined on the basis of control and includes the
Company and all of its subsidiaries. Control refers to the control power of the Group over the investee.
Through the control, the Company may obtain variable returns from its involvement with the investee, and
has the ability to affect those returns through its power over the investee.
     The Company treats the entire group as a single accounting entity and prepares consolidated financial
statements using uniform accounting policies to reflect the overall financial position, operating results and
cash flows of the Group. The effects of internal transactions between the Company and its subsidiaries, as
well as among subsidiaries themselves, shall be offset. Where internal transactions indicate that the related
assets have suffered an impairment loss, such loss is recognized in full. Where the accounting policies or
accounting periods of subsidiaries differ from those of the Company, necessary adjustments are made to
the subsidiaries' financial statements in accordance with the Company's accounting policies and
accounting periods when preparing the consolidated financial statements.
     The owners' equity of subsidiaries, current net profit or loss and the shares in total comprehensive
income attributable to minority shareholders shall be independently listed in the "owners' equity" in the
consolidated balance sheet, the "net profit" and "total comprehensive income" in the consolidated income
statements. If current loss shared by minority shareholders in a subsidiary exceeds the share enjoyed by
minority shareholders in the subsidiary's owner's equity at the beginning of the period, the balance shall be
written down with the minority shareholders' equity.
     (1) Addition of Subsidiaries or Businesses
     During the reporting period, when a subsidiary or business is added through a business combination
under common control, the operating results and cash flows from the beginning of the combination period
to the end of the reporting period are included in the consolidated financial statements, and the opening
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
balances and comparative figures are adjusted as if the reporting entity resulting from the combination
had existed since the point when the ultimate controlling party began exercise control.
      Where control over an investee under common control is obtained as a result of additional
investments or other reasons, equity investments held prior to obtaining control of the combined party, and
related gains or losses, other comprehensive income and other changes in net assets recognized between
the later of the date of original equity interest acquisition and the date when the combining party and the
combined party were first brought under common control, and the combination date, are offset against
opening retained earnings or current profit or loss of the comparative periods respectively.
     During the reporting period, where a subsidiary or business is added through a business combination
not under common control, it is included in the consolidated financial statements from the acquisition date,
based on the fair values of the identifiable assets, liabilities and contingent liabilities determined at the
acquisition date.
     Where control over an investee not under common control is obtained as a result of additional
investments or other reasons, the equity interest previously held in the acquiree is remeasured to its fair
value at the acquisition date, with the difference between its fair value and carrying amount recognized in
investment income for the current period. Other comprehensive income related to the previously held
equity interest that may be re-classified to profit or loss in the future, and other changes in equity under the
equity method, are transferred to investment income for the current period to which the acquisition date
belongs.
     (2) Disposal of Subsidiaries
     ① General Treatment Method
     If the control right over the investee is lost because of disposing part of the equity investment or due
to other reasons, the disposed remaining equity investment shall be re-measured as per the fair value on the
date of losing the control. The aggregate of the consideration received from the disposal and the fair value
of the retained equity interest, less the sum of the share of the original subsidiary's net assets continuously
calculated from the acquisition date or combination date corresponding to the original equity ownership
percentage and goodwill, is recognized in investment income for the period in which control is lost. Other
comprehensive income related to the original subsidiary's equity investments that may be re-classified to
profit or loss in the future, and other changes in equity under the equity method, are transferred to
investment income for the current period upon loss of control.
     ② Step-by-Step Disposal of Subsidiaries
      Where the disposal of equity investments in a subsidiary is achieved through multiple transactions
until control is lost, and the terms, conditions and economic effects of each transaction meet one or more
of the following circumstances, this generally indicates that the multiple transactions constitute a bundled
transaction:
     i. The transactions are entered into simultaneously or in contemplation of each other;
     ii. The transactions collectively achieve an overall commercial effect;
     iii. The occurrence of one transaction is contingent upon the occurrence of at least one other
transaction;
      iv. A single transaction is not economically justifiable on its own, but becomes economically
justifiable when considered together with the other transactions.
     If the transactions constitute a bundled transaction, each transaction is accounted for as a single
transaction involving the disposal of a subsidiary with a loss of control. The difference between each
disposal consideration and the corresponding share of the subsidiary's net assets attributable to the
disposed equity interest before control is lost is recognized as other comprehensive income in the
consolidated financial statements and transferred to profit or loss in the period when control is lost.
     If the transactions do not constitute a package deal, the partial disposal of equity interests in the
subsidiary shall be accounted for as a disposal without loss of control; upon loss of control, it shall be
accounted for in accordance with the general accounting treatment for the disposal of a subsidiary.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (3) Purchase of Minority Interests in Subsidiaries
     The difference between the long-term equity investment newly acquired due to the purchase of
minority interests and the share of net assets of the subsidiary that the Company is entitled to calculated
according to the new shareholding accumulated from the date of purchase or date of combination is
adjusted against the share premium in capital reserve in the consolidated balance sheet. If the share
premium in capital reserve is insufficient to offset the difference, adjustment is made to retained earnings.
     (4) Partial Disposal of Equity Investments in a Subsidiary without Loss of Control
     The difference between the consideration received from disposal and the net assets of the subsidiary
that the Company is entitled to corresponding to the long-term equity investment disposed accumulated
from the date of purchase of date of combination is adjusted against the share premium in capital reserve
in the consolidated balance sheet. If the share premium in capital reserve is insufficient to offset the
difference, adjustment is made to retained earnings.
√Applicable □Not Applicable
     Joint arrangements are classified as either joint operations or joint ventures.
    A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement
have rights to the assets, and obligations for the liabilities, relating to the arrangement.
     The Company recognizes the following items related to its interest in a joint operation:
     (1) The assets the Company holds solely, and its share of any assets held jointly;
     (2) The liabilities the Company incurs solely, and its share of any liabilities incurred jointly;
     (3) The revenue from the sale of its share of the output arising from the joint operation;
     (4) The Company's share of the revenue from the sale of the output by the joint operation;
     (5) The expenses the Company incurs solely, and its share of any expenses incurred jointly.
     The Company's investments in joint ventures shall be accounted for using the equity method, as
detailed in Note V, 19 Long-term Equity Investments.
     Cash equivalents refer to investments held by an enterprise that are short-term (generally maturing
within three months from the date of acquisition), highly liquid, readily convertible into known amounts of
cash, and subject to an insignificant risk of changes in value.
√Applicable □Not Applicable
     Foreign currency transactions shall be translated into RMB using the spot exchange rate on the date
of the transaction.
     The balance of foreign currency monetary items shall be translated at the spot exchange rate on the
balance sheet date into RMB. The resulting exchange differences, except for those arising from foreign
currency specific borrowings related to the acquisition of assets eligible for capitalization, which are
handled according to the principles of borrowing cost capitalization, shall be recognized in the current
profit or loss.
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
      The asset and liability items in the balance sheets shall be translated at a spot exchange rate on the
balance sheet date. Among the owner's equity items, except the ones as "undistributed profits", others shall
be translated at the spot exchange rate at the time when they are incurred. The income and expense items in
the income statement shall be translated at the spot exchange rate on the transaction date.
     Upon disposal of a foreign operation, the accumulated exchange differences relating to the foreign
currency financial statements of that operation shall be re-classified from owners' equity to profits or
losses for the period in which the disposal occurs.
√Applicable □Not Applicable
     The Company recognizes a financial asset, financial liability or equity instrument when it becomes a
party to a financial instrument contract.
     Based on the Company's business model for managing financial assets and the contractual cash flow
characteristics of the financial assets, financial assets are classified at initial recognition as: financial assets
measured at amortized cost, financial assets measured at fair value through other comprehensive income,
and financial assets measured at fair value through profit or loss.
     The Company classifies financial assets that meet both of the following conditions and are not
designated as financial assets measured at fair value through profit or loss as financial assets measured at
amortized cost:
     - The business model aims to collect contractual cash flows;
    -The contractual cash flows consist solely of payments of principal and interest on the principal
amount outstanding.
      The Company classifies financial assets that meet both of the following conditions and are not
designated as financial assets measured at fair value through profit or loss as financial assets measured at
fair value through other comprehensive income (debt instruments):
     -The business model aims both to collect contractual cash flows and to sell the financial asset;
    -The contractual cash flows consist solely of payments of principal and interest on the principal
amount outstanding.
     For non-tradable equity instrument investment, the Company may irreversibly designate them, when
they are initially recognized, as financial assets measured at fair value through other comprehensive
income (equity instrument). The designation shall be made on the basis of a single investment that
conforms to the definition of equity instrument from the perspective of the issuer.
      Except for the financial assets measured at amortized cost and those measured at fair value through
other comprehensive income described above, the Company classifies all remaining financial assets as
financial assets measured at fair value through profit or loss. At initial recognition, if doing so eliminates
or significantly reduces an accounting mismatch, the Company may irrevocably designate financial assets
that would otherwise be classified as measured at amortized cost or at fair value through other
comprehensive income as financial assets measured at fair value through profit or loss.
     Financial liabilities are classified at initial recognition as financial liabilities measured at fair value
through profit or loss and financial liabilities measured at amortized cost.
     Financial liabilities may be designated at initial measurement as financial liabilities measured at fair
value through profit or loss if one of the following conditions is met:
documents, the financial liability portfolio, or a portfolio of financial assets and financial liabilities, is
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
managed and its performance is evaluated on a fair value basis, and this basis is used internally for
reporting to key management personnel;
     (1) Financial assets measured at amortized cost
     Financial assets measured at amortized cost include notes receivable, accounts receivable, other
receivables, long-term receivables, and debt investments. They shall be initially measured at fair value,
with related transaction costs included in the initially recognized amount. Accounts receivable without a
significant financing component, as well as those for which the Company elects not to consider financing
components of no more than one year, shall be initially measured at the contract transaction price.
     The interest calculated via the effective interest method during the holding period shall be included in
the current profit or loss.
     Upon recovery or disposal, the difference between the price obtained and the carrying amounts of the
financial assets shall be included in the current profit or loss.
     (2) Financial assets measured at fair value through other comprehensive income (debt instruments)
     Financial assets measured at fair value through other comprehensive income (debt instruments)
include receivables financing, other debt investments, etc. They shall be initially measured at fair value,
and transaction costs shall be included in the initially recognized amount. These financial assets shall be
subsequently measured at fair value. Changes in fair value, other than interest calculated using the
effective interest method, impairment losses or gains, and foreign exchange gains and losses, shall be
recognized in other comprehensive income.
     Upon the de-recognition, the accumulated gains or losses included in other comprehensive income
before shall be re-classified from other comprehensive income to current profit or loss.
     (3) Financial assets measured at fair value through other comprehensive income (equity instruments)
     Financial assets measured at fair value through other comprehensive income (equity instruments)
include other equity instrument investments, etc. They shall be initially measured at fair value, and
transaction costs shall be included in the initially recognized amount. These financial assets shall be
subsequently measured at fair value, with changes in fair value recognized in other comprehensive income.
Dividends received shall be recognized in the current profits or losses.
     Upon the derecognition, the accumulated gains or losses included in other comprehensive income
before shall be re-classified from other comprehensive income to retained earnings.
     (4) Financial assets measured at fair value through profit or loss
      Financial assets measured at fair value through profit or loss include trading financial assets,
derivative financial assets, other non-current financial assets, etc. They shall be measured at fair value
initially, and transaction costs shall be recognized in current profit or loss. These financial assets shall
subsequently be measured at fair value, with changes in fair value recognized in current profit or loss.
     (5) Financial liabilities measured at fair value through profit or loss
     Financial liabilities measured at fair value through profit or loss include trading financial liabilities,
derivative financial liabilities, etc. They shall be measured at fair value initially, and transaction costs shall
be recognized in current profit or loss. These financial assets shall subsequently be measured at fair value,
with changes in fair value recognized in current profit or loss.
     Upon derecognition, the difference between the carrying amount and the consideration paid shall be
recognized in current profit or loss.
     (6) Financial liabilities measured at amortized cost
     Financial liabilities measured at amortized cost include short-term borrowings, notes payable,
accounts payable, other payables, long-term borrowings, bonds payable, and long-term payables. They
shall be initially measured at fair value, and transaction costs shall be included in the initially recognized
amount.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     The interest calculated via the effective interest method during the holding period shall be included in
the current profit or loss.
     Upon derecognition, the difference between the consideration paid and the carrying amount of the
financial liability shall be recognized in current profit or loss.
Transfer of Financial Assets
     Where one of the following conditions is met, the Company de-recognizes the financial assets:
     - The contractual rights to receive the cash flows from the financial asset expire;
      - The financial asset has been transferred, and substantially all the risks and rewards of ownership of
the financial asset have been transferred to the transferee;
     - The financial asset has been transferred, and although the Company has neither transferred nor
retained substantially all the risks and rewards of ownership of the financial asset, it has not retained
control over the financial asset.
     If the Company modifies or renegotiates a contract with a counterparty that constitutes a substantial
modification, the recognition of the original financial asset shall be terminated, and a new financial asset
shall be recognized in accordance with the modified terms.
     When a financial asset is transferred, if substantially all the risks and rewards of ownership of the
financial asset are retained, the financial asset shall not be derecognized.
     When determining whether the transfer of financial assets meets the above-mentioned conditions for
the derecognition of financial assets, the principle of substance over form is applied.
      The Company classifies transfers of financial assets into transfers of entire financial assets and
transfers of parts of financial assets. When a transfer of an entire financial asset meets the conditions for
derecognition, the difference between the following two amounts shall be recognized in current profit or
loss:
     (1) The carrying amount of the transferred financial asset;
      (2) The sum of the consideration received from the transfer and the cumulative amount of changes in
fair value that was previously recognized directly in equity (in the case where the transferred financial
asset is a financial asset measured at fair value through other comprehensive income (debt instrument)).
     When a transfer of a part of a financial asset meets the conditions for derecognition, the carrying
amount of the entire financial asset is allocated between the part derecognized and the part that continues
to be recognized based on their relative fair values, and the difference between the following two amounts
shall be recognized in current profit or loss:
     (1) The carrying amount of the part derecognized;
     (2) The sum of the consideration for the part derecognized and the portion of the cumulative amount
of changes in fair value previously recognized directly in equity that is attributable to the part
derecognized (in the case where the transferred financial asset is a financial asset measured at fair value
through other comprehensive income (debt instrument)).
     If the transfer of a financial asset does not meet the conditions for derecognition, the Company
continues to recognize the financial asset and recognizes the consideration received as a financial liability.
     When the current obligations of a financial liability have been wholly or partly canceled, then the
financial liability or part of it shall be derecognized. When the Company and the creditors sign agreements
to take on new ways to replace the existing financial liabilities with new financial liabilities and the
contract terms of the existing financial liabilities and new financial liabilities are different in essence, the
current financial liabilities shall be derecognized and the new financial liabilities be recognized.
     If the contractual terms of an existing financial liability are substantially modified in whole or in part,
the existing financial liability (or the relevant part) is derecognized, and a new financial liability based on
the modified terms shall be recognized.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     Upon the derecognition of a financial liability in whole or in part, the difference between the carrying
amount of the derecognized financial liability and the consideration paid (including any non-cash assets
transferred or new financial liabilities assumed) shall be recognized in current profit or loss.
      If the Company repurchases a part of a financial liability, the carrying amount of the entire financial
liability is allocated between the part that continues to be recognized and the part derecognized based on
their relative fair values at the repurchase date. The difference between the carrying amount allocated to
the derecognized part and the consideration paid (including any non-cash assets transferred or new
financial liabilities assumed) shall be recognized in current profit or loss.
     For financial instruments for which an active market exists, the fair value shall be determined using
quoted prices in the active market. For financial instruments for which no active market exists, valuation
techniques shall be used to determine the fair value. during the evaluation, the Company uses the valuation
technique which is applicable in the current condition and has enough available data and other information.
The input value is consistent with the features of assets or liabilities considered in transactions of relevant
assets or liabilities with market participants, and the observable input value should be used with priority.
Unobservable inputs may be used only to the extent that relevant observable inputs are not available or
obtaining them is impracticable.
     The Company performs impairment accounting treatment on an individual or collective basis for
financial assets measured at amortized cost, financial assets measured at fair value through other
comprehensive income (debt instruments) and financial guarantee contracts, etc., based on expected credit
losses.
     The Company considers reasonable and supportable information about past events, current
conditions and forecasts of future economic conditions, and recognizes expected credit losses by
calculating the probability-weighted amount of the present value of the difference between the contractual
cash flows receivable and the cash flows expected to be received, using the risk of default as the weight.
     If the credit risk of the financial instrument has increased significantly since initial recognition, the
Company measures its loss provision at an amount equal to the expected credit losses over the entire
duration of the financial instrument; if the credit risk of the financial instrument has not increased
significantly since initial recognition, the Company measures its loss provision at an amount equal to the
expected credit losses over the next 12 months. The resulting increase or reversal of the loss provision
shall be recognized as impairment losses or gains in current profit or loss.
     By comparing the default risk of financial instruments on the balance sheet date with the default risk
at the initial recognition date, the Company determines the relative change of default risk during the
expected duration of the financial instrument, to assess whether the credit risk of the financial instrument
has increased significantly since the initial recognition. Typically, if the overdue period exceeds 30 days,
the Company considers the credit risk of the financial instrument to have significantly increased, unless
there is conclusive evidence to the contrary, proving that the credit risk has not significantly increased
since initial recognition.
     If the credit risk of a financial instrument is low at the balance sheet date, the Company considers that
the credit risk has not increased significantly since initial recognition.
   If there is objective evidence indicating that a financial asset has become credit-impaired, the
Company makes an impairment provision for that financial asset on an individual basis.
     For receivables and contract assets formed from transactions specified by the Accounting Standards
for Enterprises No.14 - Revenues (2017), no matter whether the major financing components are included,
the Company shall measure the loss provision according to the amount equivalent to the expected credit
loss over the entire duration.
     For lease receivables, the Company shall choose to measure the loss provision at the amount
equivalent to the expected credit loss over the entire duration.
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
    If the Company no longer reasonably expects to recover contractual cash flows of a financial asset in
whole or in part, the carrying amount of the financial asset shall be directly written down.
     When estimating expected credit losses, the Company divides accounts receivable and contract assets
into several portfolios based on shared credit risk characteristics and calculates expected credit losses
based on the portfolios. The basis for determining the portfolios shall be as follows:
          Item                                       Basis for Determining Portfolios
 Portfolio based on               This portfolio uses the aging of accounts receivable as the credit risk
   aging analysis                                             characteristic
  Related parties                 This portfolio comprises amounts due from related parties within the
      portfolio                                            consolidation scope
     Based on the nature of other receivables, the Company assesses whether credit risk has increased
significantly on an individual and portfolio basis. When assessing on a portfolio basis, the Company
classifies other receivables into different portfolios based on credit risk characteristics:
                           Item                                      Basis for Determining Portfolios
            Credit risk characteristic portfolio                                   Aging
   Related parties within the consolidation scope                           Nature of payment
          Other receivables - guarantee deposits                            Nature of payment
□Applicable √Not Applicable
□Applicable √Not Applicable
□Applicable √Not Applicable
□Applicable √Not Applicable
√Applicable □Not Applicable
Inventory categories, issue valuation method, inventory system, depreciation method for low-value
consumables and packaging
√Applicable □Not Applicable
    Inventories are classified as: raw materials, construction in progress, finished goods, goods in transit,
low-value consumables, contract performance costs, etc.
     Inventories shall be initially measured at cost, which comprises costs of purchase, costs of conversion
and other expenditures incurred in bringing the inventories to their present location and condition.
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
     Inventories shall be valued using the weighted average method when issued.
     The perpetual inventory system shall be adopted.
Recognition criteria of provision for inventory impairment and the provision method
√Applicable □Not Applicable
     On the balance sheet date, inventories shall be measured at the lower of cost and net realizable value.
When the cost of inventories is higher than their net realizable value, provisions for inventory impairment
shall be made. Net realizable value refers to the estimated selling price of inventories in the ordinary
course of business, less estimated costs to completion, estimated selling expenses, and related taxes.
      For finished goods, merchandise inventories, and materials held for sale, net realizable value shall be
determined based on the estimated selling price less estimated selling expenses and related taxes. For
materials requiring further processing, net realizable value shall be determined based on the estimated
selling price of the finished goods less estimated costs to completion, estimated selling expenses, and
related taxes. For inventories held to fulfill sales or service contracts, net realizable value shall be based on
the contract price; if the quantity held exceeds the contract quantity, the excess portion shall be measured
based on general selling prices.
     At the end of the reporting period, provision for inventory impairment shall be generally made on an
item-by-item basis; however, for large quantities of inventories with low unit prices, the provision shall be
made based on categories of inventories; for inventories related to product lines that are produced and
marketed in the same geographical area, have the same or similar end uses or purposes, and cannot be
practicably evaluated separately from other items, the provision shall be made on an aggregate basis.
     If, after provision for inventory impairment has been made, the circumstances that previously caused
the write-down no longer exist and the net realizable value of inventories exceeds their carrying amount,
the previously recognized impairment shall be reversed, but only up to the amount originally provided,
and the reversal shall be recognized in current profit or loss.
Portfolio category and determination basis of provision for inventory impairment calculated on a
portfolio basis, and basis for determining the net realizable value of different categories of
inventory.
□Applicable √Not Applicable
Calculation methods and determination basis of net realizable value for each aging portfolio when
inventory net realizable value is determined based on aging.
□Applicable √Not Applicable
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
√Applicable □Not Applicable
Recognition methods and criteria for contract assets
√Applicable □Not Applicable
      The Company shall list the contract assets or liabilities in the balance sheet according to the
relationship between performance obligations and customer payments, present the right to receive
consideration in exchange for goods transferred or services provided to customers (where such right is
subject to factors other than the passage of time) as contract assets. Contract assets and contract liabilities
under the same contract shall be presented on a net basis, and present the unconditional right (depending
solely on the passage of time) to receive consideration from customers as receivables separately.
Assets
     The expected credit losses of contract assets shall be determined and accounted for in accordance
with Note V, 11, 6 Testing and Accounting Treatment Methods for Impairment of Financial Instruments.
Portfolio category and determination basis of the provision for bad debts based on the portfolio of
credit risk characteristics
□Applicable √Not Applicable
Aging calculation method for determining the portfolio of credit risk characteristics based on
aging.
□Applicable √Not Applicable
Criteria for determining individual provision for bad debts on an individual basis
□Applicable √Not Applicable
√Applicable □Not Applicable
     A non-current asset or a disposal group shall be classified as held for sale when its carrying amount
will be recovered principally through a sale transaction (including a non-monetary asset exchange with
commercial substance) rather than through continuing use.
     The Company classifies non-current assets or disposal groups as held for sale if they meet all the
following conditions:
     (1) Based on the practice of selling such assets or disposal groups in similar transactions, they may be
sold immediately under current conditions;
     (2) The sale is highly probable, meaning the Company has made a resolution on a sale plan, obtained
a firm purchase commitment, and expects the sale to be completed within one year. If the sale requires
approval from the Company's relevant governing bodies or regulatory authorities in accordance with
applicable regulations, such approval has been obtained.
      For a non-current asset (excluding financial assets, deferred tax assets and assets arising from
employee remuneration) or a disposal group classified as held for sale, if its carrying amount is higher than
its fair value less costs to sell, the carrying amount shall be written down to fair value less costs to sell. The
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
amount of the write-down shall be recognized as an asset impairment loss and included in profit or loss,
and a corresponding provision for impairment of assets held for sale shall be made.
    A discontinued operation is a separately identifiable component that meets one of the following
conditions and has been disposed of by the Company or classified by the Company as held for sale:
    (1) The component represents a separate major line of business or a separate geographical area of
operations;
      (2) The component is part of a single coordinated plan to dispose of a separate major line of business
or a separate geographical area of operations;
     (3) The component is a subsidiary acquired specifically for resale.
     Profit or loss from continuing operations and profit or loss from discontinued operations shall be
presented separately in the income statement. Impairment losses on discontinued operations, their
reversals, and other operating and disposal gains or losses shall be presented as profit or loss from
discontinued operations. For the discontinued operation reported in current period, the Company restates
the information previously presented as profit or loss from continuing operations in current period
financial statements as profit or loss from discontinued operations for the comparable accounting periods.
Criteria for classifying as held-for-sale non-current assets or disposal group, and accounting
treatment
□Applicable √Not Applicable
Determination criteria and representation for discontinued operations
□Applicable √Not Applicable
√Applicable □Not Applicable
     Joint control refers to the contractually agreed sharing of control over an arrangement, which exists
only when decisions about the relevant activities require the unanimous consent of the parties sharing
control. When the Company exercises joint control over an investee together with other joint venturers and
has rights to the net assets of the investee, the investee is a joint venture of the Company.
     Significant influence refers to the power to participate in the financial and operating policy decisions
of an investee but does not amount to control or joint control over the formulation of those policies. Where
the Company is able to have a significant influence on an investee, the investee is an associate of the
Company.
     (1) Long-Term Equity Investment Formed Through Business Combination
     For the long-term equity investment in a subsidiary formed through a business combination under
common control, the initial investment cost shall be the share of the carrying value of the owner’s equity
of the combined party in the consolidated financial statements of the ultimate controlling party on the
combination date. The difference between the initial investment cost of the long-term equity investment
and the carrying value of the consideration paid shall adjust the share premium in the capital reserve; if the
share premium is insufficient to offset the difference, retained earnings shall be adjusted. Where control
over an investee under common control is achieved through additional investments or other reasons, the
difference between the initial investment cost determined under the above principle and the sum of the
carrying amount of the previously held long-term equity investment plus the carrying amount of the new
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
consideration paid for the additional interest acquired at the combination date is adjusted against the share
premium; if the share premium is insufficient to offset the difference, the shortfall shall be charged to
retained earnings.
     For long-term equity investments in subsidiaries formed through business combinations not under
common control, the combination cost determined on the acquisition date shall be recognized as the initial
investment cost. Where control over an investee not under common control is achieved through additional
investments or other reasons, the initial investment cost shall be the sum of the carrying amount of the
previously held equity investment and the cost of the additional investment.
     (2) Long-Term Equity Investments Obtained Through Means Other Than Business Combinations
     For long-term equity investment acquired by cash payment, the actual purchase price paid shall be
recognized as the initial investment cost.
     For long-term equity investment acquired by issuing equity securities, the fair value of the issued
equity securities shall be recognized as the initial investment cost.
     (1) Long-Term Equity Investment Accounted for by Cost Method
     Long-term equity investments in subsidiaries shall be accounted for using the cost method, unless the
investment meets the criteria for being held for sale. Except for the cash dividends or profits declared but
not yet distributed that are included in the actual price or consideration paid at the time of acquisition, the
Company shall recognize investment income for the current period based on its share of the cash dividends
or profits declared and distributed by the investee.
     (2) Long-Term Equity Investment Accounted for by Equity Method
      Long-term equity investments in associates and joint ventures shall be accounted for using the equity
method. For the cost of initial investment of that is higher than the balance of fair value share of the net
identifiable asset of the invested company while investing, the cost of initial investment of long-term
equity investment will not be adjusted; For the cost of initial investment of that is lower than the balance of
fair value share of the net identifiable asset of the invested company while investing, the balance will be
included in the current profit and loss while the cost of the long-term equity investment will be adjusted.
     The Company shall recognize investment income and other comprehensive income respectively,
based on its share of the net profit or loss and other comprehensive income of the investee, and
simultaneously adjust the carrying amount of the long-term equity investment. The Company shall reduce
the carrying value of the long-term equity investment according to its share of the profits or cash dividends
declared and distributed by the investee; for other changes in the owner’s equity of the investee other than
net profit or loss, other comprehensive income, and profit distribution (referred to as "other changes in
owner’s equity"), the Company shall adjust the carrying value of the long-term equity investment and
include them in owner’s equity.
     When recognizing the attributable share of the net profit and loss, other comprehensive income, and
other changes in owner's equity of the invested entity, the fair value of the identifiable net assets of the
invested entity at the time of acquisition of the investment is used as the basis, and the net profit and other
comprehensive income of the invested entity is adjusted in accordance with the accounting policies and
periods of the Company before recognition.
     Unrealized profit or loss arising from intra-group transactions between the Company and its
associates or joint ventures is eliminated to the extent of the Company's attributable share, and investment
income is recognized on this basis, except where the assets contributed or sold constitute a business. The
transaction losses incurred with investees that are classified as asset impairment losses shall be recognized
in full.
     For net losses incurred by a joint venture or an associate, the Company shall write down the carrying
amount of the long-term equity investment and any other long-term interests that in substance form part of
the Company's net investment in the joint venture or associate to zero, except where the Company has an
obligation to bear additional losses. If the joint venture or associate subsequently reports net profit, the
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Company resumes recognizing its share of profits only after its share of the profits equals the share of
losses not previously recognized.
     (3) Disposal of Long-Term Equity Investments
     When disposing of a long-term equity investment, the difference between the carrying value and the
actual consideration received shall be included in current profits or losses.
     For long-term equity investments that are partially disposed of and accounted for using the equity
method, if the remaining equity is still accounted for using the equity method, the other comprehensive
income previously recognized under the equity method shall be transferred to profit or loss on the same
basis that the investee would have used if it had directly disposed of the related assets or liabilities on a
proportionate basis, and other changes in owners' equity shall be transferred to profit or loss on a
proportionate basis.
     If the Company loses joint control or significant influence over an investee due to disposal of equity
investments or other reasons, the other comprehensive income previously recognized under the equity
method shall be accounted for on the same basis that the investee would have used if it had directly
disposed of the related assets or liabilities upon discontinuation of the equity method, and other changes in
owners' equity shall be fully transferred to profit or loss upon discontinuation of the equity method.
     Where the Company has lost control over an investee due to partial disposal of equity investments or
other reasons when it is preparing the separate financial statements, if the remaining equity interest can
exercise joint control or significant influence over the investee, it shall be accounted for using the equity
method and be adjusted as if the equity method had been applied from the date of acquisition. Other
comprehensive income recognized before obtaining control over the investee shall be transferred on the
same basis that the investee would have used if it had directly disposed of the related assets or liabilities on
a proportionate basis, and other changes in owners' equity recognized under the equity method are
transferred to profit or loss on a proportionate basis. If the remaining equity interest cannot exercise joint
control or significant influence over the investee, it shall be recognized as a financial asset, and the
difference between its fair value and carrying amount at the date control is lost shall be recognized in profit
or loss. All other comprehensive income and other changes in owners' equity recognized before obtaining
control shall be fully transferred.
     Where the disposal of equity investment in a subsidiary through multiple transactions in stages until
the loss of control belongs to a "package deal," each transaction shall be accounted for as a single
transaction of disposing of the equity investment in the subsidiary and losing control. In individual
financial statements, the difference between each disposal consideration before the loss of control and the
carrying value of the long-term equity investment corresponding to the disposed equity shall first be
recognized as other comprehensive income, and then collectively transferred to the current profit or loss of
the period in which control is lost. If the transactions do not constitute a package deal, each transaction
shall be accounted for separately.
     (1). When the cost-based measurement is adopted:
Depreciation or amortization method
     Investment properties are properties held to earn rentals, capital appreciation, or both, including land
use rights that are leased out, land use rights held for transfer after appreciation, and buildings that are
leased out (including self-constructed buildings or buildings used for leasing after completion of
construction or development activities, as well as buildings under construction or development that will be
used for leasing in the future).
     Subsequent expenditure related to investment properties shall be added to the cost of the investment
property when it is probable that economic benefits associated with the expenditure will flow to the
Company and the cost can be measured reliably; otherwise, it shall be recognized in profit or loss in the
period in which it is incurred.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     The Company measures its existing investment properties using the cost model. For investment
properties measured using the cost model - buildings held for lease - the same depreciation policy as the
Company's fixed assets shall be adopted, and for land use rights held for lease, the same amortization
policy as the Company's intangible assets shall be applied.
     (1). Recognition Conditions
√Applicable □Not Applicable
     Fixed assets refer to tangible assets held for the production of goods, provision of labor services,
lease, or operation and management with a useful life of more than one fiscal year. Fixed assets shall be
recognized when both of the following conditions are met:
     (1) The economic benefits pertinent to the fixed asset are likely to flow into the enterprise;
     (2) The costs of the fixed assets can be measured reliably.
     Fixed assets shall be initially measured at the cost and the impact of the estimated asset retirement
obligations.
      Subsequent expenditure related to fixed assets is added to the costs of fixed assets when it is probable
that economic benefits associated with the expenditure will flow in and the cost can be measured reliably.
The carrying amount of any replaced part is derecognized. All other subsequent expenditure is recognized
in profit or loss in the period in which it is incurred.
     (2). Depreciation Method
√Applicable □Not Applicable
                                                                                               Annual
                           Depreciation      Depreciable Life        Residual Value
       Category                                                                            Depreciation Rate
                             Method              (Year)                Rate (%)
                                                                                                 (%)
                           Straight-line
Houses and buildings                                 20                      5                    4.75
                              method
Transportation             Straight-line
equipment                     method
                           Straight-line
Production equipment                                3-10                     5                 31.67-9.50
                              method
Office equipment and       Straight-line
others                        method
     Fixed assets are depreciated by category using the straight-line method. The depreciation rate is
determined based on the asset category, estimated useful life, and estimated net residual value rate. For
fixed assets for which an impairment provision has been recognized, depreciation in future periods is
calculated based on the carrying amount after deducting the impairment provision and the remaining
useful life. If the constituent parts of a fixed asset have different useful lives or provide economic benefits
to the enterprise in different ways, different depreciation rates or methods are applied, and depreciation is
recognized separately for each part.
√Applicable □Not Applicable
     Construction in progress is measured at the actual cost incurred. Actual costs include construction
costs, installation costs, borrowing costs that meet the criteria for capitalization, and other necessary
expenditures incurred to bring the construction in progress to its intended usable condition. Construction
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
in progress shall be transferred to fixed assets, and depreciation shall be accrued starting from the
following month once it reaches the intended usable condition.
√Applicable □Not Applicable
     Borrowing costs incurred by the Company that can be directly attributed to the acquisition,
construction, or production of assets meeting capitalization criteria shall be capitalized and included in the
costs of relevant assets. Other borrowing costs shall be recognized as expenses based on their amount
when incurred and included in profit or loss for the period.
     Assets meeting capitalization criteria refer to fixed assets, investment properties, inventories, and
other assets that require a substantial period of time for acquisition, construction, or production activities
to get ready for their intended use or for sale.
     The capitalization period shall refer to the period from the commencement to the cessation of
capitalization of the borrowing costs, excluding the period of suspension of capitalization of the borrowing
costs.
     Capitalization can only be started if the borrowing costs meet the following conditions at the same
time:
     (1) The asset disbursements have already incurred, which shall include the cash, transferred non-cash
assets or interest bearing debts paid for the acquisition and construction for preparing assets eligible for
capitalization;
     (2) The borrowing costs have been incurred;
     (3) Purchase, construction or production activities required for the assets to fulfill the expected
serviceable or salable condition have begun.
     When the qualified asset under acquisition and construction or production is ready for the intended
use or sale, the capitalization of the borrowing costs shall be ceased.
      Where the acquisition and construction or production of a qualified asset is interrupted abnormally
and the interruption period lasts for more than 3 months, the capitalization of the borrowing costs shall be
suspended. If the interruption is a necessary step for making the qualified asset under acquisition and
construction or production ready for the intended use or sale, the capitalization of the borrowing costs shall
continue. Capitalization shall resume after the borrowing costs incurred during such period are recorded
into the current profit or loss, and the acquisition and construction or production of the asset restarts.
     For specific borrowings obtained for the acquisition, construction or production of a qualifying asset,
the capitalized amount of borrowing costs shall be determined by deducting from the actual borrowing
costs incurred on those specific borrowings during the current period any interest income earned on the
unused borrowings deposited in banks or any investment income from temporary investments of the
unused borrowings.
     For general borrowings utilized for the acquisition, construction or production of a qualifying asset,
the capitalized amount of borrowing costs shall be determined by multiplying the weighted average of the
accumulated asset expenditures in excess of the specific borrowings by the capitalization rate of the
general borrowings utilized. The capitalization rate shall be determined based on the weighted average
effective interest rate of the general borrowings.
     During the capitalization period, exchange differences arising from the principal and interest of
specific borrowings in foreign currency shall be capitalized and recognized as part of the cost of the assets
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
eligible for capitalization. Exchange differences arising from the principal and interest of other foreign
currency borrowings, excluding specific borrowings in foreign currency, shall be recognized in current
profits or losses.
□Applicable √Not Applicable
□Applicable √Not Applicable
     (1). Useful life and its determination basis, estimation, amortization method, or review
     procedure
√Applicable □Not Applicable
     (1) The initial measurement of intangible assets obtained by the Company shall be made at its cost;
     Intangible assets refer to identifiable non-monetary assets without physical substance owned or
controlled by the Company, including land use rights, proprietary technologies, computer software, and
project concession rights, etc.
    The cost of the outsourcing intangible assets shall include purchase price, relevant taxes and other
necessary expenditures directly attributable to intangible assets for expected purpose.
     The Company participates in public infrastructure operation business through the PPP
(Public-Private Partnership) model, acquiring concession rights for public infrastructure projects from
government authorities to participate in the construction and operation of the projects, and thereby
collecting service fees from the contract awarding party during the current period of providing operational
services. Upon the expiration of the concession period, the Company is required to transfer the relevant
infrastructure to the government authorities.
     Where, in accordance with the PPP project contract, the Company has the right during the operation
period to charge fees to users of public goods and services, but the fee amount is uncertain, such right does
not constitute an unconditional right to receive cash. When the PPP project asset is ready for its intended
use, the consideration amount of the relevant PPP project asset or the amount of construction revenue
recognized shall be recognized as an intangible asset.
     Where, in accordance with the PPP project contract, the conditions for having the right to receive a
determinable amount of cash (or other financial assets) are met during the operation period, such right
shall be recognized as receivables when the Company obtains the right to receive such consideration
(where the right depends solely on the passage of time), and shall be accounted for in accordance with
Accounting Standards for Business Enterprises No. 22 — Recognition and Measurement of Financial
Instruments. When the PPP project asset is ready for its intended use, the excess amount of the
consideration amount for the relevant PPP project assets or the recognized construction revenue amount
over the cash (or other financial assets) of a determinable amount that it is entitled to receive shall be
recognized as intangible assets.
     (2) Subsequent Measurement
     Upon acquisition of intangible assets, their useful lives shall be analyzed and determined.
    Intangible assets with finite useful lives are amortized over the period during which economic
benefits are expected to be derived by the enterprise; intangible assets for which the period of economic
benefits cannot be foreseen shall be regarded as having indefinite useful lives and shall not be amortized.
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
                         Estimated
       Item                                                                      Basis
                         Useful Life
 Land use rights            50 years                   Service life stipulated in the land use right certificate
                                              Contractual terms, industry conditions and the Company's historical
 Office software          5-10 years
                                                                           experience
                          Franchise
 Franchise rights                                                    Franchise operation contract
                           period
     (2). Scope of attribution of R&D expenditures and related accounting treatment
□Applicable √Not Applicable
√Applicable □Not Applicable
     For long-term assets such as long-term equity investments, investment properties measured using the
cost model, fixed assets, construction in progress, right-of-use assets, and intangible assets with finite
useful lives, the Company shall perform an impairment test if there is any indication of impairment on the
balance sheet date. If the result of the impairment test indicates that the recoverable amount of an asset is
lower than its carrying value, a provision for impairment shall be made based on the difference and
recognized as an impairment loss. The recoverable amount is the higher of an asset's fair value deducting
the disposal expenses and the present value of the estimated future cash flow expected to be derived from
the asset. The asset impairment provision shall be calculated and recognized based on the single asset. If it
is hard to estimate the recoverable amount of a single asset, the recoverable amount of the asset portfolio
to which the asset belongs shall be recognized. An asset group is the smallest asset portfolio that can
independently generate cash inflows.
     Goodwill formed by business combinations, intangible assets with indefinite useful lives, and
intangible assets not yet reaching their intended usable state are tested for impairment at least at the end of
each year, regardless of whether there is any indication of impairment.
     When performing goodwill impairment testing, the Company shall allocate the carrying value of
goodwill arising from business combinations to relevant asset groups using a reasonable method from the
date of purchase; if it is difficult to allocate it to relevant asset groups, it shall be allocated to relevant asset
group portfolio. The relevant asset group or asset group portfolio is those that can benefit from the
synergistic effects of the business combination.
      When testing relevant asset groups or asset group portfolio containing goodwill for impairment, if
there is an indication of impairment, the Company shall first perform an impairment test on the asset
groups or asset group portfolio that do not contain goodwill, calculate the recoverable amount, compare it
with the relevant carrying value, and recognize the corresponding impairment loss. Then an impairment
test shall be performed on the asset group or asset group portfolio that contains goodwill, comparing its
carrying amount with the recoverable amount. If the recoverable amount is lower than the carrying amount,
the amount of impairment loss shall first be offset against the carrying amount of the goodwill allocated to
the asset group or asset group portfolio, and then the carrying amounts of the other assets in the asset group
or asset group portfolio shall be offset on a pro-rata basis based on the proportion of the carrying amount
of each other asset. Once recognized, an asset impairment loss as described above shall not be reversed in
subsequent accounting periods.
√Applicable □Not Applicable
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     Long-term deferred expenses refer to various expenses that have already been incurred, but shall be
borne by the current and future periods with an amortization period of more than one year. The long-term
deferred expenses of the Company include decoration expenses.
     Long-term deferred expenses shall be amortized evenly over the benefit period.
     Long-term deferred expenses are amortized over the benefit period. If a long-term deferred expense
item cannot benefit subsequent accounting periods, the entire unamortized value of the item shall be
transferred to the current profit or loss.
√Applicable □Not Applicable
      The Company shall list the contract assets or liabilities in the balance sheet according to the
relationship between performance obligations and customer payments. The obligation to transfer goods or
services to customers for which the Company has received or is entitled to receive consideration from
customers shall be presented as a contract liability. Contract assets and contract liabilities under the same
contract shall be presented on a net basis.
     (1). Accounting treatment of short-term remuneration
√Applicable □Not Applicable
     The Company shall recognize the actually incurred short-term remuneration as liabilities in the
accounting period when the staff provides service for the Company, and include them in the current profit
or loss or costs of relevant assets.
     Social insurance premiums and housing funds paid by the Company for employees, as well as labor
union funds and employee education funds accrued in accordance with regulations, shall be used to
calculate and determine the corresponding employee benefit amounts based on the prescribed accrual
bases and proportions during the current period in which employees provide services.
     Employee welfare expenses incurred by the Company shall be recorded in current profit or loss or the
costs of relevant assets based on the actual amount when incurred; among these, non-monetary benefits
shall be measured at fair value.
     (2). Accounting treatment of post-employment benefits
√Applicable □Not Applicable
     (1) Defined Contribution Plan
     The Company shall pay basic endowment insurance and unemployment insurance for employees in
accordance with relevant local government regulations. during the current period when employees provide
services, the amounts payable shall be calculated based on local contribution bases and proportions,
recognized as liabilities, and included in current profit or loss or the costs of relevant assets.
     (2) Defined Benefit Plans
     The Company attributes benefit obligations arising from the defined benefit plan to employees in the
period in which they render services, based on a formula determined through the unit method for expected
cumulative welfare, and recognizes them in the current profit or loss or the costs of relevant assets.
     The deficit or surplus formed by the present value of the obligations of the defined benefit plan,
subtracting the fair value of the assets of the defined benefit plan, is recognized as the net liability or net
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
asset of the defined benefit plan. If a defined benefit plan has a surplus, the Company measures the net
defined benefit plan assets at the lower of the surplus or the asset limit of the defined benefit plan.
     All defined benefit plan obligations, including payment obligations within twelve months after the
end of annual reporting period corresponding to the related services provided by employees, shall be
discounted in cash according to the national debt in the currency on the balance sheet date and within the
defined benefit plan obligation term, or the market return rate of debut of high-quality enterprises.
     Service costs arising from defined benefit plans and the net interest on net defined benefit liabilities
or assets are included in current profit or loss or the costs of relevant assets. Changes resulting from the
remeasurement of net defined benefit liabilities or assets shall be included in other comprehensive income
and will not be reversed to profit or loss in subsequent accounting periods. Upon the termination of the
original defined benefit plan, the portion previously included in other comprehensive income shall be fully
transferred to retained earnings within the scope of equity.
     Upon settlement of a defined benefit plan, the gain or loss on settlement is recognized based on the
difference between the present value of the defined benefit plan obligation and the settlement price
determined on the settlement date.
     (3). Accounting treatment of termination benefits
√Applicable □Not Applicable
      Where the Company provides termination benefits to employees, the employee benefits liabilities
arising from such termination benefits shall be recognized and included in current profit or loss at the
earlier of the following dates: when the Company cannot unilaterally withdraw the termination benefits
provided due to a labor relationship cancellation plan or a layoff proposal; or when the Company
recognizes the costs or expenses related to a restructuring involving the payment of termination benefits.
     (4). Accounting treatment of other long-term employee benefits
□Applicable √Not Applicable
√Applicable □Not Applicable
    The Company shall recognize an obligation related to contingencies such as litigation, debt
guarantees, onerous contracts, and restructuring as a provision when the following conditions are
simultaneously met:
     (1) The obligation is a present obligation assumed by the Company;
     (2) It is probable that an outflow of economic benefits will be required to settle the obligation;
     (3) The amount of the obligation can be measured reliably.
    The estimated liabilities of the Company shall be initially measured at the best estimate of the
expenditure required to settle the relevant present obligation.
    In determining the best estimate, the Company comprehensively considers factors such as risks,
uncertainties, and the time value of money related to the contingencies. Where the effect of the time value
of money is material, the best estimate is determined by discounting the relevant future cash outflows.
     The best estimate shall be conducted in accordance with the following situations respectively:
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     If the required expenditure falls within a continuous range (or interval) and all possible outcomes
within that range are equally likely, the best estimate is determined as the midpoint of the range, which is
the average of the upper and lower limits.
     In the event that there is no sequent range (or interval) or that there is a sequent range but the
outcomes within this range are unlikely to occur equally, if single item is involved in the contingencies,
the best estimate shall be determined based on the amount most likely to incur; and if several items are
involved in the contingencies, the best estimate shall be determined based on various possible outcomes
and relevant probability calculation.
     If all or some of the expenses necessary for the liquidation of estimated liabilities of the Company are
expected to be compensated by a third party, the remuneration shall be separately recognized as an asset
when it is virtually certain that the reimbursement will be obtained and the remuneration recognized shall
not be in excess of the carrying value of the estimated liabilities.
     The Company reviews the carrying value of estimated liabilities on the balance sheet date. If there is
conclusive evidence that the carrying value does not reflect the current best estimate, the carrying value is
adjusted according to the current best estimate.
√Applicable □Not Applicable
     The share-based payment of the Company refers to a transaction through which equity instruments
are granted or equity-instrument-based liabilities are assumed in return for services from employees or
other parties. The share-based payments of the Company are classified into equity-settled share-based
payments and cash-settled share-based payments.
      Equity-settled share-based payment in exchange for services provided by employees is measured at
the fair value of the equity instruments granted to employees. For share-based payment transactions that
are exercisable immediately after the grant, the fair value of the equity instruments is recognized as
relevant costs or expenses on the grant date, with a corresponding increase in capital reserve. If the right of
the share-based payment cannot be exercised until the vesting period comes to an end after the grant or
until the prescribed performance conditions are met, then on each balance sheet date within the vesting
period, the services obtained in current period shall, based on the best estimate of the number of vested
equity instruments by the Company, be included in the relevant costs or expenses and the capital reserve at
the fair value of the equities instruments on the date of the grant.
      If the terms of an equity-settled share-based payment are modified, the services acquired are
recognized at least as if the terms had not been modified. In addition, any modification that increases the
fair value of the granted equity instrument, or a change in favor of the employee on the modification date,
recognizes an increase in the acquisition of services.
     If the granted equity instruments are canceled during the vesting period, the Company treats the
cancellation as accelerated vesting and immediately recognizes the amount that should have been
recognized over the remaining vesting period in current profit or loss, with a corresponding increase in
capital reserve. However, if new equity instruments are granted and identified on the grant date as a
replacement for the canceled equity instruments, the replacement equity instruments are accounted for in
the same way as a modification of the terms and conditions of the original equity instruments.
     The cash-settled share-based payments are measured at the fair value of the liabilities assumed by the
Company, which are calculated based on shares or other equity instruments. For share-based payment
transactions exercisable immediately after the grant, the Company recognizes the fair value of the liability
assumed as relevant costs or expenses on the grant date, with a corresponding increase in liabilities. For
share-based payment transactions that become exercisable only after the completion of services within the
vesting period or the fulfillment of specified performance conditions, the Company recognizes the
services acquired during the current period as relevant costs or expenses on each balance sheet date within
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
the vesting period, based on the best estimate of the vesting conditions and the fair value of the liability
assumed, with a corresponding increase in liabilities. On each balance sheet date and the settlement date
before the settlement of the relevant liability, the fair value of the liability is remeasured, and its changes
are recognized in current profits or losses.
□Applicable √Not Applicable
(1) Accounting Policies used for Revenue Recognition and Measurement Based on Business Type
√Applicable □Not Applicable
     The Company recognizes revenue when it satisfies a performance obligation in a contract, that is,
when the customer obtains control of the relevant goods or services. Obtaining control of goods or services
means that the customer can direct the use of, and obtain substantially all of the economic benefits from,
those goods or services.
     If a contract contains two or more performance obligations, the Company, at the contract inception,
allocates the transaction price to each separate performance obligation on the basis of the relative
standalone selling prices of the goods or services promised. The Company measures revenue based on the
amount of the transaction price allocated to each performance obligation.
     The transaction price is the amount of consideration to which the Company expects to be entitled in
exchange for transferring goods or services to a customer, excluding amounts collected on behalf of third
parties and amounts expected to be refunded to the customer. The Company determines the transaction
price by considering the contract terms and its customary business practices, while also taking into
account the effects of variable consideration, any significant financing component in the contract,
non-cash consideration, and consideration payable to the customer. The amount of the transaction price
that includes variable consideration is limited to the amount for which it is highly probable that a
significant reversal will not occur when the uncertainty related to the variable consideration is resolved.
For a contract with a significant financing component, the Company determines the transaction price by
assuming the customer pays an amount in cash when the customer obtains control of the goods or services.
The difference between the transaction price and the consideration promised in the contract is amortized
over the contract period using the effective interest method.
      A performance obligation is satisfied over time if one of the following criteria is met; otherwise, it is
satisfied at a point in time:
   •    The customer concurrently receives and consumes the economic benefits derived from the
Company's performance as the Company performs;
     •    The customer can control the goods under construction during the performance of the Company;
     • The goods produced during the Company's performance have no alternative use to the Company,
and the Company has an enforceable right to payment for performance completed to date throughout the
contract period.
     For performance obligations satisfied over time, the Company recognizes revenue over time by
measuring the progress towards complete satisfaction of the performance obligation, unless the progress
cannot be reasonably determined. The Company determines the progress using either output methods or
input methods, considering the nature of the goods or services. When the progress cannot be reasonably
determined, and if the costs incurred are expected to be recoverable, the Company recognizes revenue to
the extent of costs incurred until such time as the progress can be reasonably determined.
     For performance obligations satisfied at a point in time, the Company recognizes revenue at the point
in time when the customer obtains control of the relevant goods or services. In assessing whether a
customer has obtained control of goods or services, the Company considers the following indicators:
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
     •    The Company has a present right to payment for the goods or services, i.e., the customer has a
present obligation to pay for the goods or services.
       •    The Company has transferred legal title to the goods to the customer, i.e., the customer has legal
title to the goods.
     •   The Company has transferred physical possession of the goods to the customer, i.e., the
customer has physical possession of the goods.
     •   The Company has transferred the significant risks and rewards of ownership of the goods to the
customer, i.e., the customer has obtained the significant risks and rewards of ownership of the goods.
     •    The customer has accepted the goods or services, etc.
     (2) Different Revenue Recognition and Measurement Methods for the Same Type of Business
     with Different Operation Models
√Applicable □Not Applicable
     The Company has established corresponding revenue recognition policies for different sales models,
taking into account industry characteristics and the different points at which risks and rewards are
transferred:
      Sales to distributors: Based on contractual agreements, after receiving the advance payment from the
distributors, the Company dispatches the goods as per the order requirements. Revenue shall be
recognized when the customer picks up the goods or when the goods are delivered to the logistics carrier.
     Sales to direct customers: Based on contracts and customer orders, the Company delivers products to
the designated locations. Revenue shall be recognized after the customer receives and accepts the goods
upon inspection.
    Export sales: Revenue shall be recognized when the Company has completed customs declaration
procedures, obtained the customs declaration form, and physically delivered the goods.
    E-commerce sales: Revenue shall be recognized after the order is confirmed, goods are dispatched
from the warehouse, and delivery by the logistics company is completed.
     PPP projects:
     Project construction period: For PPP projects during the construction period, the Company
determines whether it acts as a principal or an agent in accordance with Accounting Standards for
Business Enterprises No. 14 - Revenue, and performs accounting treatment accordingly. For financial
assets recognized during the construction of PPP projects, the Company subsequently recognizes interest
income reflecting the financing component based on amortized cost using the effective interest method.
     Project operation period:
     (1) Where, in accordance with the PPP project contract, the Company has the right to receive a
determinable amount of cash (or other financial assets) during the project operation period, such right shall
be recognized as a receivable when the Company possesses the right to receive such consideration
(provided that the right depends only on the passage of time). The recovery of project investment principal
and the interest return on investment principal shall be recognized on the basis of amortized cost using the
effective interest method, and the interest return on investment principal shall be recognized as operating
revenue (interest income).
     (2) Where, in accordance with the PPP project contract, the Company has the right to charge fees to
users of public products and services during the operation period but the fee amount is uncertain, such
right does not constitute an unconditional right to receive cash; when the PPP project assets reach their
intended usable state, the consideration amount of the relevant PPP project assets or the recognized
construction revenue amount shall be recognized as intangible assets, and the operating revenue shall be
calculated and recognized based on the measurement method and the price agreed in the contract.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (3) For relevant operating service revenue, it shall be calculated and recognized as operating revenue
based on the service fee amount stipulated in the contract, taking into account settlement conditions such
as the results of performance obligation assessments.
√Applicable □Not Applicable
     The contract costs include contract performance costs and contract acquisition costs.
     Costs incurred by the Company to perform a contract, which do not fall within the scope of relevant
standards such as inventories, fixed assets, or intangible assets, shall be recognized as an asset (contract
performance costs) when the following conditions are met:
     •    The costs are directly related to a current or anticipated contract;
     •   The costs generate or enhance resources of the Company that will be used in satisfying
performance obligations in the future.
     •    The cost is expected to be recovered.
     The incremental costs of obtaining a contract incurred by the Company that are expected to be
recovered are recognized as an asset (contract acquisition costs).
     For the assets related to the contract cost, the Company shall use the same basis as the recognition of
the income from goods related to the assets to carry out the amortization; however, the contract cost with
an amortization period exceeding one year shall be included in the current profit or loss upon occurrence.
     If the carrying amount of the assets related to the contract cost is higher than the following two
differences, the Company will make provision for impairment of the excess and recognize it as the asset
impairment loss:
goods or services to which the asset relates;
incurred.
     If the factors of impairment in previous periods subsequently change, such that the aforementioned
difference is higher than the carrying value of the asset, the Company shall reverse the previously
recognized impairment provision and include it in current profit or loss, provided that the carrying value of
the asset after reversal does not exceed the carrying value that would have been determined at the date of
reversal had no impairment provision been recognized.
√Applicable □Not Applicable
     The government subsidy refers to monetary or non-monetary assets obtained by the Company from
the government without consideration, which are classified into government grants related to assets and
government grants related to income.
     The government grants related to assets refer to those obtained by the Company for the acquisition,
construction, or other forms of long-term assets. Government grants related to income refer to those other
than government grants related to assets.
     The specific criteria for the Company to classify government grants as asset-related are: government
grants obtained by the Company that are used for the purchase, construction or other means of forming
long-term assets.
    The specific criteria for the Company to classify government grants as income-related are:
government grants other than asset-related government grants.
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
     If the object of subsidy is not clearly specified in the government documents, the specific criteria for
classifying asset-related or income-related government grants are as follows:
    Government grants shall be recognized when the Company has actually received them and is able to
meet the conditions attached to them.
     Government grants related to assets shall offset the carrying value of the relevant assets or be
recognized as deferred income. Where recognized as deferred income, such government grants shall be
systematically amortized in current profit or loss over the useful life of the relevant asset on a reasonable
basis (those related to the Company’s daily activities shall be included in other income; those unrelated to
the Company’s daily activities shall be included in non-operating income).
     The government grants related to income and used to compensate the Company's relevant cost
expenses or losses incurred during the subsequent period shall be recognized as the deferred income and
included in the current profit or loss (if they are related to the daily activities of the Company, they shall be
included in other income; if not, they shall be included in the non-operating income) or offset relevant cost
expenses or losses; government subsidies used to compensate the Company's relevant cost expenses or
losses shall be directly included in the current profit or loss (if they are related to the daily activities of the
Company, they shall be included in other income; if not, they shall be included in the non-operating
income) or offset relevant cost expenses or losses during the current period of confirming relevant cost
expenses or losses.
    The government-subsidized interest discounts on preferential loans obtained by the Company are
accounted for separately in the following two cases:
     (1) The financial sector allocates interest-subsidy funds to the lending bank. The lending bank
provides loans to the Company at a policy-based preferential interest rate. The loan amount actually
received is used as the entry value of the loan, and the related borrowing cost is calculated as per the loan
principal and at the preferential policy rate.
     (2) If the financial sector directly allocates the interest-subsidy funds to the Company, the
corresponding interest subsidies will be used by the Company to offset relevant borrowing costs.
√Applicable □Not Applicable
      Income tax comprises current and deferred taxes. Except for income taxes arising from business
combinations and transactions or events that are directly recognized in the owner's equity (including other
comprehensive income), the Company records current income tax and deferred tax in current profit or
loss.
    The deferred tax assets and the deferred tax liabilities are recognized based on the differences
between the tax bases of assets and liabilities and their carrying values (temporary differences).
     For deferred tax assets recognized as deductible temporary differences, the amount of taxable income
likely to be acquired in the future to offset deductible temporary differences shall be limited. For
deductible loss or tax credits that can be carried forward to the next year, deferred tax assets shall be
recognized to the extent that it is probable that taxable profit will be available in the future to offset the
deductible losses and tax credits.
     For taxable temporary differences, deferred tax liabilities shall be recognized except in specific
circumstances.
     The specific circumstances where deferred tax assets or liabilities are not recognized include:
     •    The initial recognition of goodwill;
    •    As for transactions or events that neither constitute a business combination, nor impact
accounting profit and taxable income (or deductible losses) at the time of occurrence, and where the initial
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
recognition of assets and liabilities does not result in the creation of equal temporary taxable differences
and deductible temporary differences.
     For taxable temporary differences related to investments in subsidiaries, associates, and joint
ventures, a deferred tax liability is recognized, unless the Company is able to control the timing of the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future. For deductible temporary differences related to investments in subsidiaries, associates,
and joint ventures, a deferred tax asset is recognized when it is probable that the temporary difference will
reverse in the foreseeable future and it is probable that future taxable profit will be available against which
the deductible temporary difference can be utilized.
      On the balance sheet date, the deferred tax assets and liabilities are measured at the tax rate applicable
to the period during which the assets are expected to be recovered, or the liabilities are expected to be
settled.
     On the balance sheet date, the Company reviews the carrying value of deferred tax assets. If it is no
longer probable that sufficient taxable profit will be available in future periods to allow the benefit of the
deferred tax asset to be utilized, the carrying value of the deferred tax asset shall be written down. Such
write-down shall be reversed when it becomes probable that sufficient taxable profit will be available.
      When the Company has a legally enforceable right to settle on a net basis and intends either to settle
on a net basis or to realize the asset and settle the liability simultaneously, current tax assets and current tax
liabilities are presented at the net amount after offsetting.
    On the balance sheet date, deferred tax assets and deferred tax liabilities are presented at the net
amount after offsetting when the following conditions are simultaneously met:
     •    The taxpayer has a legally enforceable right to settle current tax assets and current tax liabilities
on a net basis;
     •    The deferred tax assets and deferred tax liabilities relate to income taxes levied by the same
taxation authority on either the same taxable entity or different taxable entities that intend either to settle
current tax assets and liabilities on a net basis, or to realize the assets and settle the liabilities
simultaneously, in each future period in which significant amounts of deferred tax assets or liabilities are
expected to be reversed.
√Applicable □Not Applicable
Judgment basis and accounting treatment for simplified treatment of short-term leases and
low-value asset leases as a lessee
√Applicable □Not Applicable
     A lease refers to a contract in which the lessor conveys the right to use an asset to the lessee for a
period of time in exchange for consideration. On the commencement date of the contract, the Company
assesses whether the contract is, or contains, a lease. If one party to a contract transfers the right to control
the use of one or more identified assets for a certain period in exchange for consideration, the contract is a
lease or includes a lease.
     Where a contract contains multiple separate leases, the Company splits the contract and accounts for
each separate lease individually. Where a contract contains both lease and non-lease components, the
lessee and the lessor shall separate the lease and non-lease components.
     (1) Right-of-Use Assets
      At the commencement date of the lease, the Company recognizes right-of-use assets for all leases,
except for short-term leases and leases of low-value assets. The right-of-use asset is initially measured at
cost. The cost comprises:
     •    The amount of the initial measurement of the lease liability;
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     •    For lease payments made on or before the commencement date of the lease term, if there are
lease incentives, the relevant amounts of the lease incentives already enjoyed shall be deducted.
     •    The initial expenses incurred by the Company;
     •    The costs expected to be incurred by the Company to dismantle and remove the leased assets,
restore the premises of the leased assets, or restore the leased assets to the condition agreed in the lease
terms, excluding the cost for production of inventories.
     The Company subsequently depreciates the right-of-use asset using the straight-line method. If the
Company is reasonably certain to obtain ownership of the underlying asset by the end of the lease term, the
asset is depreciated over its remaining useful life; otherwise, the asset is depreciated over the shorter of the
lease term and its remaining useful life.
      The Company determines whether a right-of-use asset has been impaired and performs accounting
treatment for the identified impairment loss in accordance with the principles described in Note V, 27
Impairment of Long-term Assets.
     (2) Lease Liabilities
     At the commencement date of the lease, the Company recognizes lease liabilities for all leases, except
for short-term leases and leases of low-value assets. The lease liability is initially measured at the present
value of the lease payments that are not paid at that date. The lease payment includes:
     •    Where there is a lease incentive for fixed payments (including in-substance fixed payments), the
incentive-related amount shall be deducted;
     •    Variable rental payments based on indexes or ratios;
   •   The amounts expected to be paid based on the residual value of the guarantee provided by the
Company;
      •     The exercise price of the purchase option, provided that the Company can reasonably determine
that it will exercise the option;
     •    The amount to be paid for exercising the option to terminate the lease, provided that the lease
period reflects that the Company will exercise the option to terminate the lease.
    The Company uses the interest rate implicit in the lease as the discount rate; however, if that rate
cannot be readily determined, the Company’s incremental borrowing rate is used as the discount rate.
     The Company calculates the interest expense of the lease liability for each period during the lease
term based on a constant periodic rate of interest, and recognizes it in current profits or losses or the costs
of relevant assets.
     Variable lease payments that are not included in the measurement of lease liabilities are recognized in
current profit or loss or the costs of relevant assets when they actually occur.
     After the commencement date of the lease, under the following circumstances, the Company
remeasures the lease liability and adjusts the corresponding right-of-use asset. If the carrying value of the
right-of-use asset has been reduced to zero but the lease liability still needs further reduction, the
remaining difference is recognized in current profits or losses:
     •    When there is a change in the assessment of a purchase option, extension option, or termination
option, or if the actual exercise of such options is inconsistent with the original assessment, the Company
remeasures the lease liability based on the present value of the revised lease payments and a revised
discount rate;
     •    When there is a change in in-substance fixed payments, the amount expected to be payable
under a residual value guarantee, or the index or rate used to determine lease payments, the Company
remeasures the lease liability based on the present value of the revised lease payments and the original
discount rate. However, if the change in lease payments results from a change in floating interest rates, a
revised discount rate shall be used to calculate the present value.
     (3) Short-term Leases and Leases of Low-value Assets
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     The Company records the lease payment of short-term lease and low-value asset lease into current
profit or loss or costs of relevant assets in each period of the lease term based on the straight-line method
without recognition of right-of-use assets and lease liabilities. A short-term lease is a lease that, at the
commencement date, has a lease term of 12 months or less and does not include a purchase option. A lease
of low-value assets is a lease for which the underlying asset is of low value when it is new. If the Company
subleases or expects to sublease a leased asset, the original lease is not recognized as a low-value asset
lease.
     (4) Lease Changes
     If the lease changes and the following conditions are met, the Company will treat the lease change as
a separate lease for accounting:
     •    The lease change expands the scope of the lease by adding the right to use one or more leased
assets;
     •     The increased consideration is equivalent to the amount of the separate price of the expanded
part of the lease scope adjusted according to the contract.
     For the lease change that is not accounted for as a separate lease, at the effective date of the change,
the Company reallocates the consideration in the modified contract, redetermines the lease term, and
remeasures the lease liability by discounting the revised lease payments using a revised discount rate.
     If the lease change results in a decrease in the scope of the lease or a shortened lease term, the
Company decreases the carrying value of the right-of-use asset accordingly, and recognizes any gain or
loss relating to the partial or full termination of the lease in current profit or loss. For all other lease
changes resulting in the remeasurement of lease liabilities, the Company adjusts the carrying value of the
right-of-use asset accordingly.
Classification criteria and accounting treatment of leases as a lessor
√Applicable □Not Applicable
     On the commencement date of the lease, the Company classifies the lease as either a finance lease or
an operating lease. A financing lease is a lease that transfers substantially all the risks and rewards
associated with ownership of the leased assets, regardless of whether ownership is ultimately transferred.
An operating lease refers to any lease other than a finance lease. When the Company acts as a sublease
lessor, it classifies subleases based on the right-of-use assets generated from the original lease.
     (1) Accounting Treatment for Operating Leases
     Lease payments from operating leases are recognized as rental income on a straight-line basis over
each period within the lease term. The Company capitalizes initial direct costs incurred in connection with
operating leases and amortizes them to the current period's profit or loss over the lease term on the same
basis as rental income recognition. Variable lease payments that are not included in lease receivables are
recognized in current profit or loss when they actually occur. In the event that the operating lease changes,
the Company accounts for it as a new lease from the effective date of the change, and any lease receipts
received in advance or receivable related to the original lease are considered part of the lease receipts for
the new lease.
     (2) Accounting Treatment for Finance Leases
     On the commencement date of the lease, the Company recognizes finance lease receivables for
finance leases and derecognizes the finance lease assets. When performing initial measurement of finance
lease receivables, the Company uses the net investment in the lease as the entry value of the finance lease
receivables. The net investment in the lease is the sum of the unguaranteed residual value and the present
value of the lease receipts not yet received at the commencement date, discounted at the interest rate
implicit in the lease.
     The Company calculates and recognizes interest income for each period during the lease term based
on a constant periodic rate of interest. The derecognition and impairment of finance lease receivables are
accounted for in accordance with Note V, 11 Financial Instruments.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     Variable lease payments that are not included in the net lease investment measurement are
recognized in current profit or loss when they actually occur.
    If the financing lease changes and the following conditions are met, the Company will treat the lease
change as a separate lease for accounting:
     •    The change expands the scope of the lease by adding the right to use one or more leased assets;
     •     The increased consideration is equivalent to the amount of the separate price of the expanded
part of the lease scope adjusted according to the contract.
     If the change of the financial lease is not accounted for as a separate lease, the Company shall deal
with the changed lease under the following circumstances:
     •     If the change takes effect on the commencement date of the lease, the lease is classified as an
operating lease, and the Company treats it as a new lease for accounting purposes from the effective date
of the lease change and takes the net lease investment prior to the effective date of the lease change as the
carrying value of the leased asset;
     •    If the change takes effect on the commencement date of the lease, the lease is classified as a
financial lease, and the Company conducts accounting treatment in accordance with the policies on
revising or renegotiating contracts in Note V, 11 Financial instruments.
√Applicable □Not Applicable
      For shares that need to be repurchased because the unlocking conditions for restricted shares have not
been met, the Company shall, based on the amount to be paid, debit the "Other Payables - Restricted Share
Repurchase Obligation" and other relevant accounts, and credit "Bank Deposits" and other relevant
accounts. Simultaneously, based on the par value of the shares corresponding to the number of canceled
restricted shares, the Company shall debit the "Share Capital" account; based on the carrying value of
treasury shares corresponding to the number of canceled restricted shares, the Company shall credit the
"Treasury Shares" account; and for the difference, debit the "Capital Reserve - Share Premium" account.
     Implementation of provisions on relevant accounting treatment for standard warehouse receipt
transactions in the Q&A of Implementation of Financial Instrument Criteria.
     The Ministry of Finance issued an implementation Q&A on accounting treatment for standard
warehouse receipts on July 8, 2025, which explicitly stipulates that, according to the Financial Instruments
Recognition and Measurement Standard, if a company frequently enters into contracts for the purchase
and sale of standard warehouse receipts on a futures exchange for the purpose of profiting from price
differences, without taking delivery of the physical commodities underlying the standard warehouse
receipts, this usually indicates that the company has a practice of receiving the underlying items and then
reselling them in the short term to profit from short-term fluctuations. The company shall treat such
purchase and sale contracts for standard warehouse receipts as financial instruments and account for them
in accordance with the Financial Instruments Recognition and Measurement Standard. If the company,
after obtaining standard warehouse receipts under the aforementioned contracts, resells them within a
short period, such sales shall not be recognized as revenue. Instead, the difference between the
consideration received and the carrying amount of the standard warehouse receipts sold shall be
recognized as investment income. If the company holds standard warehouse receipts at the end of the
period that have not yet been sold, they shall be presented as other current assets. For standard warehouse
receipts obtained under the aforementioned contracts, if doing so would eliminate or significantly reduce
an accounting mismatch, the company may elect at initial recognition to measure them at fair value
through profit or loss, and this election shall be applied consistently to all standard warehouse receipts that
meet the election conditions. For standard warehouse receipts that have been elected to be measured at fair
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
value through profit or loss at initial recognition, the company shall not revoke such election in subsequent
periods.
     According to the requirements of the "Notice on Rigorously Implementing Accounting Standards for
Business Enterprises and Properly Preparing 2025 Annual Reports" (CK [2025] No. 33), if a company
adjusts its accounting treatment due to the implementation of the above provisions on standard warehouse
receipts, it shall adjust the information for the comparable period in the financial statements.
     The implementation of this provision had no impact on the Company's financial position or operating
results.
     involving adjustments to the financial statements at the beginning of the year of first adoption
□Applicable √Not Applicable
□Applicable √Not Applicable
     VI. Taxation
Information on main taxes and tax rates
√Applicable □Not Applicable
    Tax Type                            Taxable Basis                                      Tax Rate
                     The output tax is calculated on the basis of income
                       from the sale of goods and taxable services in
Value-added tax      accordance with the provisions of the tax law, and
    (VAT)                after deducting the input tax allowable for
                     deduction in current period, the difference will be
                                the value-added tax payable.
     Urban
                    According to the actual paid VAT and the approved
maintenance and                                                                             7%, 5%
                                current tax credit amount
construction tax
   Education        According to the actual paid VAT and the approved
   surcharge                    current tax credit amount
Local education     According to the actual paid VAT and the approved
  surcharges                    current tax credit amount
   Corporate                                                                         Statutory tax rate or the
                                  Based on taxable income
  income tax                                                                     following preferential tax rate
Explanation of income tax rates for different taxpayers
□Applicable √Not Applicable
√Applicable □Not Applicable
     During this reporting period, the High-tech Enterprise Certificates obtained by the Company, Suzhou
OPPLE Lighting Co., Ltd., and Shanghai Qianlong Energy Conservation Technology Co., Ltd., were
within their validity period, and the corporate income tax for the year 2025 was levied at the rate of 15%.
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
     VII. Notes to Items in the Consolidated Financial Statements
√Applicable □Not Applicable
                                                                                Unit: Yuan    Currency: RMB
          Item                        Closing Balance                             Opening Balance
Bank deposits                                     226,574,181.64                              217,685,041.34
Other monetary fund                             1,489,988,561.51                             1,363,360,902.27
Total                                           1,716,562,743.15                             1,581,045,943.61
     Including: total
     proceeds deposited                            42,358,143.64                               36,328,598.90
     abroad
Other explanations:
          Item                        Closing Balance                             Opening Balance
Bond deposit                                           1,400,035.00                              1,279,369.00
Others                                                      3,760.00                             3,675,010.00
Total                                                  1,403,795.00                              4,954,379.00
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
                  Item                           Closing Balance                      Opening Balance
Financial assets measured at fair value
through profit or loss
Including:
       Investment in wealth
       management products
       Investments in equity
                                                                          -                      1,220,107.60
       instruments
Others                                                                    -                      2,893,768.28
                 Total                                     3,642,802,853.79                  4,081,348,921.90
Other explanations:
□Applicable √Not Applicable
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
     (1) Classification and Presentation of Notes Receivable
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
              Item                              Closing Balance                     Opening Balance
Banker's acceptance bill                                     21,044,040.00                     2,826,765.00
Trade acceptance                                                           -                   3,099,428.84
              Total                                          21,044,040.00                     5,926,193.84
     (2) Notes Receivable Pledged by the Company at the End of Period
□Applicable √Not Applicable
     (3) Notes Receivable Endorsed or Discounted by the Company at Period-End That Were Not
     Yet Due as of the Balance Sheet Date
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
                                                                                  Closing Amount Not
             Item                   Closing Amount Derecognized
                                                                                     Derecognized
Banker's acceptance bill                                    3,488,952.17                     19,884,040.00
             Total                                          3,488,952.17                      19,884,040.00
     (4). Classification and Disclosure by Provision for Bad Debts Method
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of notes receivable that experienced a change in
loss provision during this period:
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
     (5). Provision for Bad Debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
     (6). Accounts Receivable Actually Written off during the Current Period
□Applicable √Not Applicable
Significant write-off of notes receivable
□Applicable √Not Applicable
Explanation of write-offs for notes receivable:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
     (1). Disclosure by Aging
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
               Aging                        Closing Book Balance                 Opening Book Balance
Within 1 year (inclusive)                                   802,391,854.70                   695,178,282.99
Within 1 year                                               802,391,854.70                   695,178,282.99
More than 3 years                                            44,013,569.12                    31,555,072.73
               Total                                        915,473,077.40                   800,460,621.86
                                                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2). Disclosure by Provision for Bad Debts Method
√Applicable □Not Applicable
                                                                                                                                               Unit: Yuan      Currency: RMB
                                            Closing Balance                                                                      Opening Balance
 Category            Book Balance              Provision for Bad Debts                                   Book Balance                Provision for Bad Debts
                                                                                Carrying                                                                             Carrying
                               Proportion                      Provision        Amount                              Proportion                       Provision       Amount
                 Amount                         Amount                                                Amount                          Amount
                                  (%)                          Rate (%)                                                (%)                           Rate (%)
Provision
for bad
debts on an    57,380,308.83         6.27    51,426,742.90           89.62    5,953,565.93          60,043,095.67        7.50       57,244,808.22           95.34
individual
basis:
Including:
Accounts
receivable
with
individually
significant
amount and     24,121,642.60         2.63    24,121,642.60       100.00                         -   25,525,062.48        3.19       25,525,062.48       100.00                  -
a provision
for bad debt
on an
individual
basis
                                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
Accounts
receivable
with an
insignificant
single
amount but      33,258,666.23      3.64   27,305,100.30       82.10       5,953,565.93       34,518,033.19     4.31    31,719,745.74     91.89
a provision
for bad debt
on an
individual
basis
Provision
for bad
debts on a                        93.73   40,329,544.22         4.70   817,763,224.35       740,417,526.19    92.50    32,040,678.78       4.33
portfolio
basis
Including:
Portfolio
based on
aging
analysis
   Total        915,473,077.40   100.00   91,756,287.12       10.02    823,716,790.28       800,460,621.86   100.00   89,285,487.00    11.15   711,175,134.86
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Provision for bad debts on an individual basis:
√Applicable □Not Applicable
                                                                                 Unit: Yuan       Currency: RMB
                                                               Closing Balance
         Name                                   Provision for Bad        Provision Rate             Reason for
                           Book Balance
                                                     Debts                    (%)                   Provision
Taiji Lake Group
Hubei Wudang Taiji                                                                              See Note XVIII, 7
Lake Water                                                                                      for details.
Recreation Co., Ltd.
GOME Appliance                                                                                  See Note XVIII, 7
Co., Ltd.                                                                                       for details.
Others                       33,258,666.23         27,305,100.30                      82.10
         Total               57,380,308.83         51,426,742.90                      89.62              /
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
√Applicable □Not Applicable
Portfolio provision items: Portfolio based on aging analysis
                                                                                 Unit: Yuan       Currency: RMB
                                                               Closing Balance
         Name
                               Book Balance                 Provision for Bad Debts           Provision Rate (%)
Within 1 year                      792,082,960.96                    15,338,685.77                             1.94
More than 3 years                   10,272,594.00                    10,272,594.00                           100.00
         Total                     858,092,768.57                    40,329,544.22                             4.70
Explanation of provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts
None
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
 Explanation of significant changes in the book balance of accounts receivable that experienced a change in
 loss provision during this period:
 □Applicable √Not Applicable
      (3). Provision for Bad Debts
 √Applicable □Not Applicable
                                                                                    Unit: Yuan       Currency: RMB
                                                Changes in Current Period
                Opening                                                                                 Closing
Category                                         Recovery           Charge-off or       Other
                Balance          Provision                                                              Balance
                                                or Reversal          Write-off         Changes
Accounts
Receivable
  Total      89,285,487.00     5,310,908.82                     -    2,840,108.70                -    91,756,287.12
 Including: recoveries and reversals of bad debt provisions of material amounts
 □Applicable √Not Applicable
 Other explanations: None
      (4). Receivables written off in current period
 √Applicable □Not Applicable
                                                                                    Unit: Yuan       Currency: RMB
                       Item                                                Write-off Amount
 Accounts receivable actually written off                                                              2,840,108.70
 Significant write-off of accounts receivable
 □Applicable √Not Applicable
 Description of write-off of accounts receivable:
 □Applicable √Not Applicable
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (5). Accounts receivable and contract assets from the top five debtors based on the closing
     balance
  √Applicable □Not Applicable
                                                                     Unit: Yuan Currency: RMB
                                                                Percentage to
                                                                Total Closing
                              Closing     Closing Balance of
         Closing Balance                                          Balance of    Closing Balance
                             Balance of        Accounts
Name       of Accounts                                            Accounts       of Provision for
                              Contract      Receivable and
           Receivable                                          Receivable and       Bad Debts
                               Assets       Contract Assets
                                                               Contract Assets
                                                                     (%)
No. 1       238,534,892.80                -       238,534,892.80               25.10   2,494,558.38
No. 2        35,333,333.33                -           35,333,333.33             3.72              -
No. 3        27,557,592.15    3,386,636.66            30,944,228.81             3.26    957,846.19
No. 4        17,590,857.40                -           17,590,857.40             1.85      1,617.56
No. 5        12,196,361.79    1,089,941.51            13,286,303.30             1.40   2,478,838.77
Total       331,213,037.47    4,476,578.17        335,689,615.64               35.32   5,932,860.90
   Other explanations: None
   Other explanations:
   □Applicable √Not Applicable
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
       (1). Contract assets
   √Applicable □Not Applicable
                                                                                  Unit: Yuan     Currency: RMB
                            Closing Balance                                       Opening Balance
  Item                      Provision                                              Provision
                Book                           Carrying                                             Carrying
                             for Bad                               Book Balance     for Bad
               Balance                         Amount                                               Amount
                              Debts                                                  Debts
Accounts
receivable   34,892,259.4   6,619,895.5      28,272,363.9          33,319,930.5    6,068,503.4     27,251,427.0
from                    7             0                 7                     5              8                7
contracts
  Total
      (2). Amounts and reasons for significant changes in carrying amount during the reporting
      period
   □Applicable √Not Applicable
                                                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
    (3). Disclosure by Provision for Bad Debts Method
√Applicable □Not Applicable
                                                                                                                                            Unit: Yuan     Currency: RMB
                                               Closing Balance                                                                 Opening Balance
  Category              Book Balance             Provision for Bad Debts                                Book Balance             Provision for Bad Debts
                                                                                  Carrying                                                                     Carrying
                                  Proportion                      Provision       Amount                          Proportion                     Provision     Amount
                    Amount                         Amount                                           Amount                         Amount
                                     (%)                          Rate (%)                                           (%)                         Rate (%)
Provision for
bad debts on
an individual
basis:
Including:
Contract
assets with
insignificant
individual
amounts but
separately
provisioned
for bad debts
Provision for
bad debts on a    31,201,340.45        89.42     3,052,960.54           9.78   28,148,379.91      28,710,570.67        86.17     1,674,600.57         5.83   27,035,970.10
portfolio basis
Including:
Portfolio
based on          31,201,340.45        89.42     3,052,960.54           9.78   28,148,379.91      28,710,570.67        86.17     1,674,600.57         5.83   27,035,970.10
aging analysis
    Total         34,892,259.47       100.00     6,619,895.50         18.97    28,272,363.97      33,319,930.55      100.00      6,068,503.48       18.21    27,251,427.07
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Provision for bad debts on a portfolio basis:
√Applicable □Not Applicable
Portfolio provision items: Portfolio based on aging analysis
                                                                                Unit: Yuan   Currency: RMB
                                                              Closing Balance
          Name
                               Book Balance                Provision for Bad Debts      Provision Rate (%)
Within 1 year                       21,870,458.98                     1,099,957.82                      5.03
More than 3 years                          1,656.91                         1,656.91                  100.00
          Total                     31,201,340.45                     3,052,960.54                      9.78
Explanation of provision for bad debts calculated on a portfolio basis
□Applicable √Not Applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of contract assets that experienced a change in loss
provision during this period:
□Applicable √Not Applicable
     (4). Provision for bad debts of contract assets in current period
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
                                           Changes in Current Period
                                             Recovery         Charge-off
                  Opening     Provision          or               or                     Closing
   Item                                                                       Other                   Reason
                  Balance     in Current      Reversal         Write-off                 Balance
                                                                             Changes
                                Period       in Current       in Current
                                               Period           Period
Accounts
receivable
from
contracts
  Total        6,068,503.48   551,392.02               -                -              6,619,895.50     /
Including: recoveries and reversals of bad debt provisions of material amounts
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
Other explanations: None
     (5). Contract assets actually written off in current period
□Applicable √Not Applicable
Significant write-off of contract assets
□Applicable √Not Applicable
Explanation of write-off of contract assets:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
     (1). Classification and presentation of receivables financing
√Applicable □Not Applicable
                                                                                 Unit: Yuan   Currency: RMB
                Item                            Closing Balance                     Opening Balance
Notes receivable                                                  56,000.00                              -
                Total                                             56,000.00                              -
     (2). Receivables pledge financing of the Company at the end of the period
□Applicable √Not Applicable
     (3). Receivables financing endorsed or discounted and not yet due as of the balance sheet date
     of the Company
□Applicable √Not Applicable
     (4). Disclosure by Provision for Bad Debts Method
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts
None
Explanation of significant changes in the book balance of receivables financing that experienced a change
in loss provision during this period:
□Applicable √Not Applicable
     (5). Provision for Bad Debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
     (6). Receivables financing actually written off in current period
□Applicable √Not Applicable
Significant write-off of receivables financing
□Applicable √Not Applicable
Write-off explanation:
□Applicable √Not Applicable
                                    Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (7). Changes in the balance and fair value of receivables financing in current period:
√Applicable □Not Applicable
               Closing                                                                             Accumulated
               Balance       Addition in     Derecognition                                      Provision for Losses
                                                                       Other      Closing
   Item           of          Current         in Current                                        Recognized in Other
                                                                      Changes     Balance
               Previous        Period           Period                                            Comprehensive
                 Year                                                                                 Income
Notes
                       -      56,000.00                         -           -     56,000.00                         -
receivable
  Total                -      56,000.00                         -           -     56,000.00                         -
     (8). Other explanations
□Applicable √Not Applicable
     (1). Prepayments presented by aging
√Applicable □Not Applicable
                                                                                      Unit: Yuan     Currency: RMB
                                 Closing Balance                                      Opening Balance
   Aging
                           Amount              Proportion (%)                   Amount             Proportion (%)
Within 1 year              17,779,565.86                        89.22           14,229,050.61                  77.66
More than 3
years
    Total                  19,927,290.62                    100.00              18,323,351.03                 100.00
Explanation for the delayed settlement of prepayments with aging over one year and a material amount:
NA
     (2). Prepayments to the top five receivers based on the closing balance
√Applicable □Not Applicable
                                                                                      Unit: Yuan     Currency: RMB
                                                                          Percentage of Total Closing Balance of
               Name                        Closing Balance
                                                                                    Prepayments (%)
               No. 1                             2,308,753.08                                                  11.59
               No. 2                             1,829,862.52                                                   9.18
               No. 3                             1,214,003.52                                                   6.09
               No. 4                               947,823.42                                                   4.76
               No. 5                               932,066.32                                                   4.68
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
             Total                              7,232,508.86                                           36.30
Other explanations: None
Other explanations:
□Applicable √Not Applicable
Item presentation
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
               Item                              Closing Balance                     Opening Balance
Dividends receivable                                                      -                    3,750,655.20
Other receivables                                             31,064,802.47                   30,417,628.33
Total                                                         31,064,802.47                   34,168,283.53
Other explanations:
□Applicable √Not Applicable
    Interest receivable
(1) Classification of interest receivable
□Applicable √Not Applicable
(2) Significant overdue interest
□Applicable √Not Applicable
(3). Classification and disclosure by provision for bad debts
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
(4). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of interest receivable that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
(5). Provision for bad debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(6). Accounts receivable actually written off during the current period
□Applicable √Not Applicable
Significant write-off of interest receivable
□Applicable √Not Applicable
Write-off explanation:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
    Dividends receivable
(1) Dividends receivable
√Applicable □Not Applicable
                                                                                  Unit: Yuan   Currency: RMB
         Project (or Investee)                     Closing Balance                     Opening Balance
Zhejiang Super Lighting Electric
                                                                           -                     3,750,655.20
Appliance Co., Ltd.
                 Total                                                     -                     3,750,655.20
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
(2) Significant dividends receivable with aging over one year
□Applicable √Not Applicable
(3). Classification and disclosure by provision for bad debts
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
(4). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts:
None
Explanation of significant changes in the book balance of dividends receivable that experienced a change
in loss provision during this period:
□Applicable √Not Applicable
(5). Provision for bad debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provision of material amounts
□Applicable √Not Applicable
Other explanations:
None
(6). Dividends receivable actually written off during the current period
□Applicable √Not Applicable
Significant write-off of dividends receivable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
Write-off explanation:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
    Other receivables
(1) Disclosure by aging
√Applicable □Not Applicable
                                                                                 Unit: Yuan   Currency: RMB
                Aging                      Closing Book Balance                    Opening Book Balance
Within 1 year (inclusive)                                   17,864,344.57                       19,091,586.61
Within 1 year                                               17,864,344.57                       19,091,586.61
More than 3 years                                           11,037,811.10                        9,943,319.32
                Total                                       35,669,457.86                       35,121,267.17
(2). Classification by nature of payment
□Applicable √Not Applicable
(3). Provision for bad debts
√Applicable □Not Applicable
                                                                               Unit: Yuan     Currency: RMB
                            Stage 1              Stage 2                     Stage 3
 Provision for Bad                        Expected Credit Loss        Expected Credit Loss
                        Expected Credit                                                           Total
       Debts                                Within the Entire          Within the Entire
                         Loss over the
                                           Duration (Without          Duration (with Credit
                        Next 12 Months
                                           Credit Impairment)             Impairment)
Balance as of
January 1, 2025
Changes in the
balance as of
                                      -                           -                       -                   -
January 1, 2025, in
current period
Provision in current
                                      -                           -            432,826.28         432,826.28
period
Current reversal              3,035.08                            -                       -          3,035.08
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Current charge-off                    -                           -                      -                  -
Current write-off                     -                           -          528,774.65          528,774.65
Other changes                         -                           -                      -                  -
Balance as of
December 31, 2025
Basis for classification into stages and provision rate for bad debts
None
Explanation of significant changes in the book balance of other receivables that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
Basis for bad debt provision and assessment of a significant increase in credit risk of financial instruments
during the current period:
□Applicable √Not Applicable
(4). Provision for bad debts
□Applicable √Not Applicable
Significant reversal or recovery of provision for bad debts in current period:
□Applicable √Not Applicable
Other explanations: None
(5). Other receivables actually written off during the current period
√Applicable □Not Applicable
                                                                                 Unit: Yuan   Currency: RMB
                        Item                                             Write-off Amount
Other receivables actually written off                                                           528,774.65
Significant write-off of other receivables:
□Applicable √Not Applicable
Description of write-off of other receivables:
□Applicable √Not Applicable
(6) Other receivables from the top five debtors based on the closing balance
√Applicable □Not Applicable
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                 Unit: Yuan     Currency: RMB
                                         Percentage of
                                         Total Closing                                              Closing
                         Closing          Balance of                                               Balance of
      Name                                                         Nature            Aging
                         Balance             Other                                                Provision for
                                          Receivables                                              Bad Debts
                                              (%)
Huazhu Hotel
                                                                Deposit and         Within 1
Management Co.,       1,300,000.00                 3.64                                                       -
                                                                security, etc.       year
Ltd.
Shenzhen Bokala
                                                                Deposit and
Home Technology       1,200,000.00                 3.36                             2-3 years                 -
                                                                security, etc.
Co., Ltd.
Datang Telecom
(Nanjing) Energy                                                                      More
                                                                Deposit and
Saving Information    1,200,000.00                 3.36                              than 3                   -
                                                                security, etc.
Technology Co.,                                                                       years
Ltd.
Alipay (China)
Network                                                         Deposit and         Within 1
Technology Co.,                                                 security, etc.       year
Ltd.
Shenyang Metro                                                  Deposit and
Group Co., Ltd.                                                 security, etc.
       Total          5,269,749.92               14.76                /                 /                     -
(7) Presented as other receivables due to centralized fund management
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
    (1). Inventory classification
√Applicable □Not Applicable
                                            Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                              Unit: Yuan      Currency: RMB
                                   Closing Balance                                                  Opening Balance
                                     Provision for                                                    Provision for
                                      inventory                                                        inventory
                                   impairment/pro                                                   impairment/prov
   Item                               vision for            Carrying                                    ision for             Carrying
                  Book Balance                                                    Book Balance
                                    impairment of           Amount                                   impairment of            Amount
                                       contract                                                         contract
                                     performance                                                      performance
                                         costs                                                            costs
Raw
materials
Work-in-pr
ogress
Finished
goods
Low-value
consumable          5,214,307.63          579,477.49        4,634,830.14            3,959,549.24           511,180.12        3,448,369.12
s
Contract
performance        10,783,314.93                    -    10,783,314.93              4,604,470.93                     -       4,604,470.93
costs
Goods in
transit
   Total          554,819,183.62    47,363,316.04       507,455,867.58            575,770,993.55         47,753,085.33     528,017,908.22
                  (2). Data resources recognized as inventories
           □Applicable √Not Applicable
                  (3). Provision for inventory impairment and provision for impairment of contract
                  performance costs
           √Applicable □Not Applicable
                                                                                              Unit: Yuan      Currency: RMB
                                             Increase in Current Period            Decrease in Current Period
           Item       Opening Balance                                                 Reversal or                  Closing Balance
                                                Provision           Others                                Others
                                                                                      Charge-off
    Raw
    materials
    Work-in-pr
    ogress
    Finished
    goods
    Low-value
    consumable              511,180.12             264,018.78                 -           195,721.41           -          579,477.49
    s
    Goods in
                                      -          3,959,928.46                 -                      -         -         3,959,928.46
    transit
          Total          47,753,085.33          12,948,329.19                 -        13,338,098.48           -     47,363,316.04
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Reasons for reversal or charge-off of provision for inventory impairment in current period
□Applicable √Not Applicable
Provision for inventory impairment on a portfolio basis
□Applicable √Not Applicable
Criteria of provision for inventory impairment on a portfolio basis
□Applicable √Not Applicable
     (4). Amount of borrowing costs capitalized in the closing balance of inventories, and the
     criteria and basis for its calculation
□Applicable √Not Applicable
     (5). Explanation of amortization of contract performance costs in current period
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
□Applicable √Not Applicable
□Applicable √Not Applicable
Debt investments due within one year
□Applicable √Not Applicable
Other debt investments due within one year
□Applicable √Not Applicable
Other explanations for the current portion of non-current assets:
None
√Applicable □Not Applicable
                                                                                 Unit: Yuan   Currency: RMB
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                Item                             Closing Balance                 Opening Balance
Input tax to be deducted                                      36,291,678.03              37,645,223.82
Deferred expenses                                                 9,508,220.76            8,020,091.06
Prepaid enterprise income tax                                     1,447,156.27            5,219,260.54
               Total                                          47,247,055.06              50,884,575.42
Other explanations: None
     (1). Debt investments
□Applicable √Not Applicable
Changes in provision for impairment of debt investments
□Applicable √Not Applicable
     (2). Significant debt investments at the end of the period
□Applicable √Not Applicable
     (3). Provision for impairment
□Applicable √Not Applicable
Basis for classification into stages and provision rate for impairment: None
Explanation of significant changes in the book balance of debt investments that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
Basis for provision for impairment and assessment of a significant increase in credit risk of financial
instruments during the current period
□Applicable √Not Applicable
     (4). Debt investments actually written off in current period
□Applicable √Not Applicable
Significant write-off of debt investments
□Applicable √Not Applicable
Explanation of write-off of debt investments:
□Applicable √Not Applicable
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Other explanations:
□Applicable √Not Applicable
     (1). Information on other debt investments
□Applicable √Not Applicable
Changes in impairment provision for other debt investments in current period
□Applicable √Not Applicable
     (2). Other significant debt investments at the end of the period
□Applicable √Not Applicable
     (3). Provision for impairment
□Applicable √Not Applicable
Basis for classification into stages and provision rate for impairment: None
Explanation of significant changes in the book balance of other debt investments that experienced a
change in loss provision during this period:
□Applicable √Not Applicable
Basis for provision for impairment and assessment of a significant increase in credit risk of financial
instruments during the current period
□Applicable √Not Applicable
     (4). Other debt investments actually written off in current period
□Applicable √Not Applicable
Significant write-off of other debt investments
□Applicable √Not Applicable
Explanation of write-off of other debt investments:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (1). Long-term receivables
□Applicable √Not Applicable
     (2). Disclosure by Provision for Bad Debts Method
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
     (3). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: NA
Explanation of significant changes in the book balance of long-term receivables that experienced a change
in loss provision during this period:
□Applicable √Not Applicable
Basis for bad debt provision and assessment of a significant increase in credit risk of financial instruments
during the current period
□Applicable √Not Applicable
     (4). Bad debt provisions
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
     (5). Long-term receivables actually written off in current period
□Applicable √Not Applicable
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Significant write-off of long-term receivables
□Applicable √Not Applicable
Explanation of write-off of long-term receivables:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
                                                                    Annual Report 2025 of OPPLE Lighting Co., Ltd.
      (1). Long-term equity investments
√Applicable □Not Applicable
                                                                                                                                                      Unit: Yuan      Currency: RMB
                                                                           Increase/Decrease in Current Period
                                                                  Investment
                      Opening                                                                                       Cash                                   Closing           Closing
                                                                   Gains and
                      Balance                                                    Adjustments to                  Dividends                                 Balance          Balance of
    Investee                                                        Losses                            Changes                   Provision
                     (Carrying       Additional   Reduction in                       Other                       or Profits                               (Carrying        Impairment
                                                                  Recognized                          in Other                     for       Others
                     Amount)         Investment   Investment                     Comprehensive                    Declared                                Amount)            Reserve
                                                                   under the                          Equities                 Impairment
                                                                                    Income                          and
                                                                    Equity
                                                                                                                 Distributed
                                                                    Method
I. Joint venture
II. Associates
Zhejiang Super
Lighting
Electric                                                         -3,587,414.57                                                               5,528.95    238,381,291.78                  -
Appliance Co.,
Ltd.
Jinyun Weston
Investment
Partnership
Enterprise
(Limited
Partnership)
Zhuhai XIMO
ELECTRIC            7,312,941.11                                 -1,244,043.70                                                              12,775.35      6,081,672.76                  -
INC.
Suzhou Pupo
Enterprise
Management
Partnership                      -                                                                                                                                     -                 -
Enterprise
(Limited
Partnership)
                                                            Annual Report 2025 of OPPLE Lighting Co., Ltd.
Subtotal                                                 -4,831,458.27                                                       18,304.30   261,226,338.69              -
     Total                                               -4,831,458.27                                                       18,304.30   261,226,338.69              -
     Note: The Company directly holds 19% equity interest in Zhejiang Shanpu, and indirectly holds an additional 4.09% equity interest through Jinyun Weston
Investment Partnership (Limited Partnership), representing a total of 23.09% equity interest in Zhejiang Shanpu. Due to sustained losses of Suzhou Pubo Enterprise
Management Partnership (Limited Partnership), as of December 31, 2025, the Company's long-term equity investment in Suzhou Pubo Enterprise Management
Partnership (Limited Partnership), accounted for using the equity method, has been written down to zero.
     (2). Impairment testing of long-term equity investments
□Applicable √Not Applicable
Other explanations: None
                                                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (1). Information on investments in other equity instruments
√Applicable □Not Applicable
                                                                                                                                                      Unit: Yuan   Currency: RMB
                                             Increase/Decrease in Current Period
                                                                                                                                                                          Reasons for
                                                                                                                                       Cumulative       Cumulative
                                                            Gains            Losses                                       Dividend                                        Designated
                                                                                                                                          Gains           Losses
                                                       Recognized in     Recognized in                                    Revenue                                        Measurement
               Opening                                                                                     Closing                    Recognized in    Recognized in
  Item                                    Reduction         Other             Other                                      Recognized                                      at Fair Value
               Balance       Additional                                                                    Balance                        Other            Other
                                              in       Comprehensive     Comprehensive    Others                         in Current                                     Through Other
                             Investment                                                                                               Comprehensive    Comprehensive
                                          Investment   Income during     Income during                                     Period                                       Comprehensive
                                                                                                                                         Income           Income
                                                         the Current       the Current                                                                                      Income
                                                           Period            Period
Chengdu
                                                                                                                                                                        Investments in
Xinchao
                                                                                                                                                                        non-trading
Media       142,901,100.00            -            -                 -               -              -   142,901,100.00            -               -      7,098,900.00
                                                                                                                                                                        equity
Group
                                                                                                                                                                        instruments
Co., Ltd.
 Total      142,901,100.00            -            -                 -               -              -   142,901,100.00            -               -      7,098,900.00   /
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2). Explanation of derecognition in current period
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                  Unit: Yuan   Currency: RMB
                    Item                            Closing Balance                     Opening Balance
Financial assets measured at fair value
through profit or loss
Including: Investments in equity
instruments
                    Total                                         74,285,521.15                107,268,827.39
Other explanations:
□Applicable √Not Applicable
Measurement model for investment properties
     (1). Investment properties measured at cost
                                                                                  Unit: Yuan   Currency: RMB
                                     Houses and              Land Use         Construction
             Item                                                                                  Total
                                      Buildings               Rights           in Progress
I. Original carrying amount
II. Accumulated depreciation and amortization
(1) Provision or amortization         5,427,215.18                                               5,427,215.18
III. Impairment provision
IV. Carrying amount
                                        Annual Report 2025 of OPPLE Lighting Co., Ltd.
          (2). Investment properties without a certificate of title
     □Applicable √Not Applicable
          (3). Impairment testing of investment properties measured at cost
     □Applicable √Not Applicable
     Other explanations:
     □Applicable √Not Applicable
     Item presentation
     √Applicable □Not Applicable
                                                                                           Unit: Yuan    Currency: RMB
                         Item                            Closing Balance                        Opening Balance
     Fixed assets                                                   1,248,608,006.36                    1,327,409,436.51
                       Total                                        1,248,608,006.36                    1,327,409,436.51
     Other explanations:
     □Applicable √Not Applicable
         Fixed assets
     (1). Information on fixed assets
     √Applicable □Not Applicable
                                                                                           Unit: Yuan    Currency: RMB
                                                                                                Office
                                Houses and         Production             Transportation
        Item                                                                                 Equipment and           Total
                                 Buildings         Equipment               Equipment
                                                                                                Others
I. Original carrying amount:
period
(1) Acquisition                 12,103,109.22      53,446,509.69            5,096,617.34       1,602,561.67       72,248,797.92
(2) Transferred from
construction in                  1,390,970.48      13,573,742.55            1,210,823.52       1,078,715.74       17,254,252.29
progress
                                     Annual Report 2025 of OPPLE Lighting Co., Ltd.
(3) Increase from
exchange                                 -                        -          141.88         129,392.26         129,534.14
differences
(4) Transferred from
                                         -                        -                   -               -                  -
right-of-use assets
current period
(1) Disposal or
                                         -      11,494,539.99            818,489.05        1,872,845.83     14,185,874.87
scrapping
(2) Decrease from
exchange                       197,377.60                         -       13,571.15          40,591.74         251,540.49
differences
(3) Others                   15,803,156.83           29,550.33                        -               -     15,832,707.16
II. Accumulated depreciation
period
(1) Provision                80,853,137.04      59,364,733.42           4,092,792.88       7,275,353.28    151,586,016.62
(2) Transferred from
accumulated
                                         -                        -                   -               -                  -
depreciation of
right-of-use assets
(3) Increase from
exchange                                 -                        -           19.65         111,322.54         111,342.19
differences
current period
(1) Disposal or
                                         -      10,922,357.02            775,235.13        1,784,692.07     13,482,284.22
scrapping
(2) Decrease from
exchange                          3,589.46                        -       10,341.97          37,251.18          51,182.61
differences
(3) Others                               -                        -                   -               -                  -
III. Impairment provision
IV. Carrying amount
amount
amount
     (2) Temporarily idle fixed assets
     □Applicable √Not Applicable
     (3) Fixed assets leased out through operating leases
     □Applicable √Not Applicable
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
(4) Fixed assets without a certificate of title
□Applicable √Not Applicable
(5). Impairment test of fixed assets
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
     Liquidation of fixed assets
□Applicable √Not Applicable
Item presentation
√Applicable □Not Applicable
                                                                                   Unit: Yuan         Currency: RMB
               Item                                Closing Balance                        Opening Balance
Construction in progress                                       195,859,059.95                          22,953,466.65
               Total                                           195,859,059.95                          22,953,466.65
Other explanations:
□Applicable √Not Applicable
     Construction in progress
(1). Construction in progress
√Applicable □Not Applicable
                                                                                   Unit: Yuan         Currency: RMB
                                 Closing Balance                                       Opening Balance
    Item                            Provision                                             Provision
                        Book                                                Book                          Carrying
                                       for         Carrying Amount                           for
                       Balance                                             Balance                        Amount
                                   Impairment                                            Impairment
Equipment
installation
Buildings      194,147,475.43               -      194,147,475.43      19,276,563.21              -      19,276,563.21
    Total      195,859,059.95               -      195,859,059.95      22,953,466.65              -      22,953,466.65
                                                                            Annual Report 2025 of OPPLE Lighting Co., Ltd.
            (2) Changes in significant construction in progress during the current period
            √Applicable □Not Applicable
                                                                                                                                                              Unit: Yuan      Currency: RMB
                                                               Amounts
                                                                                                              Proportion of                                Including:
                                                              Transferred                                                                                                  Interest
                                                                              Other                           Accumulative                   Cumulative    Amount of
                                                               to Fixed                                                                                                  Capitalization   Source
                               Opening        Increase in                   Decrease in                          Project      Construction   Amount of     Capitalized
     Item          Budget                                       Assets                    Closing Balance                                                                   Rate in         of
                               Balance       Current Period                  Current                          Investment in    Progress      Capitalized   Interest in
                                                              during the                                                                                                   Current        Funds
                                                                              Period                           the Budget                     Interest      Current
                                                                Current                                                                                                   Period (%)
                                                                                                                   (%)                                       Period
                                                                Period
Intelligent
                    RMB
manufacturing
factory and
                   million
office building
                    RMB
B7 Factory
project
                   million
                    RMB
    Total             267    18,859,037.23   175,409,316.68             -    120,878.48    194,147,475.43                                              -             -
                   million
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
(3) Provisions for impairment of construction in progress during the current period
□Applicable √Not Applicable
(4). Impairment test of construction in progress
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
    Project Materials
(1). Status of project materials
□Applicable √Not Applicable
     (1). Productive biological assets measured at cost
□Applicable √Not Applicable
     (2). Impairment test of productive biological assets measured at cost
□Applicable √Not Applicable
     (3). Productive biological assets measured at fair value
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
     (1). Status of oil and gas assets
□Applicable √Not Applicable
     (2). Impairment test of oil and gas assets
□Applicable √Not Applicable
Other explanations:
None
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
    (1). Situation of Right-of-use Assets
√Applicable □Not Applicable
                                                                                   Unit: Yuan     Currency: RMB
                  Item                          Houses and Buildings                            Total
I. Original carrying amount
(1) New leasing                                                 2,370,952.20                            2,370,952.20
(2) Increase from exchange
differences
(1) Transferred to fixed assets                                              -                                     -
(2) Decrease from exchange
differences
(3) Disposal                                                    7,739,119.31                            7,739,119.31
II. Accumulated depreciation
(1) Provision                                                   6,012,052.49                            6,012,052.49
(2) Increase from exchange
differences
(1) Transferred to fixed assets                                              -                                     -
(2)    Decrease      from       exchange
differences
(3) Disposal                                                    5,843,174.22                            5,843,174.22
III. Impairment provision
IV. Carrying amount
    (2). Impairment test of right-of-use assets
□Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Other explanations:
None
     (1). Status of intangible assets
√Applicable □Not Applicable
                                                                                 Unit: Yuan   Currency: RMB
                                                                         Franchise
          Item              Land Use Rights      Office Software                                Total
                                                                          Rights
I. Original carrying amount
                                             -                    -     94,521,286.18          94,521,286.18
period
(1) Acquisition                              -                    -     94,521,286.18          94,521,286.18
period
(1) Decrease from
exchange differences
II. Accumulated amortization
period
(1) Provision                   7,832,594.88         1,002,458.08       10,092,411.95          18,927,464.91
                                             -                    -                    -                   -
period
(1) Disposal                                 -                    -                    -                   -
III. Impairment provision
IV. Carrying amount
amount
amount
The proportion of intangible assets from internal R&D activities of the Company to the balance of
intangible assets at the end of this period is 0.
     (2). Data resources recognized as intangible assets
□Applicable √Not Applicable
     (3). Land use rights without a certificate of title
□Applicable √Not Applicable
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
    (4). Impairment test of intangible assets
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
    (1). Original carrying amount of goodwill
√Applicable □Not Applicable
                                                                                     Unit: Yuan         Currency: RMB
                                                                              Decrease in Current
                                     Increase in Current Period
                                                                                    Period
Name of Investee        Opening                                                                             Closing
                                         Formed by a
or Goodwill Items       Balance                                                                             Balance
                                          Business               Others        Disposal       Others
                                         Combination
Shanghai OPPLE
Jiedeng Lighting      1,819,845.85                         -             -                -         -     1,819,845.85
Co., Ltd.
Guangxi Ouheng
Intelligent
Technology Co.,
Ltd.
      Total           8,569,845.85                         -             -   6,750,000.00           -     1,819,845.85
    (2). Provision for goodwill impairment
√Applicable □Not Applicable
                                                                                     Unit: Yuan         Currency: RMB
                                           Increase in Current               Decrease in Current
Name of Investee or        Opening               Period                            Period                   Closing
 Goodwill Items            Balance                                                                          Balance
                                           Provision            Others        Disposal        Others
Shanghai OPPLE
Jiedeng Lighting Co.,     1,819,845.85                -              -                    -         -     1,819,845.85
Ltd.
Guangxi Ouheng
Intelligent               6,750,000.00                -              -       6,750,000.00           -                 -
Technology Co., Ltd.
        Total             8,569,845.85                -              -       6,750,000.00           -     1,819,845.85
                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
             (3). Information about the asset group or asset group portfolio to which the goodwill belongs
      √Applicable □Not Applicable
                                     Composition of the
                                       Asset Group or                Affiliated Business          No Change Compared to the
                 Name
                                      Portfolio of Asset             Division and Basis                 Previous Year
                                      Groups and Basis
                                      Related assets and
             Asset Group of                                           Shanghai OPPLE
                                     liabilities; the asset
            Shanghai OPPLE                                          Jiedeng Lighting Co.,
                                     group can generate                                                         Yes
          Jiedeng Lighting Co.,                                       Ltd.; independent
                                         cash inflows
                  Ltd.                                               operating cash flows
                                        independently
      Changes in the asset group or the asset group portfolio
      □Applicable √Not Applicable
      Other explanations:
      □Applicable √Not Applicable
             (4). Specific method for determining recoverable amount
      Recoverable amount is determined as the net amount of fair value minus disposal costs
      □Applicable √Not Applicable
      Recoverable amount is determined based on the present value of estimated future cash flows
      √Applicable □Not Applicable
                                                                                                 Unit: Yuan      Currency: RMB
                                                                                                                   Key
                                                                                                               Parameters
                                                                                Key           Basis for                          Basis for
                                                                                                              for the Stable
                                                                           Parameters for    Determining                       Determining
                                                                                                                  Period
               Carrying     Recoverable      Impairment   Forecast          the Forecast     Parameters                             Key
  Item                                                                                                           (Growth
               Amount        Amount           Amount       Period          Period (Growth       of the                          Parameters
                                                                                                               Rate, Profit
                                                                             Rate, Profit     Forecast                         of the Stable
                                                                                                                 Margin,
                                                                            Margin, etc.)      Period                             Period
                                                                                                                Discount
                                                                                                                Rate, etc.)
                                                                                                              Revenue
                                                                           Revenue
Asset                                                                                                         growth rate:
                                                                           growth    rate:
Group of                                                                                                      0%;
Shanghai                                                                                                      Operating        Revenue
                                                                           Operating
OPPLE        8,288,615.64   37,642,259.51    -            5.00                               /                profit           growth rate:
                                                                           profit margin:
Jiedeng                                                                                                       margin:          0%
Lighting                                                                                                      18.52%;
                                                                           Discount rate:
Co., Ltd.                                                                                                     Discount
                                                                                                              rate: 10.28%
  Total      8,288,615.64   37,642,259.51                       /                 /                /                /                /
      Reasons for significant discrepancies between the aforementioned information and the information used in
      the impairment tests of previous years or external information.
      □Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Reasons for significant discrepancies between the information used in the Company's impairment tests of
previous years and the actual circumstances of the current year.
□Applicable √Not Applicable
     (5). Performance commitments and corresponding goodwill impairment
There are performance commitments when the goodwill is formed, and the reporting period or the period
immediately preceding the reporting period falls within the performance commitment period.
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                    Unit: Yuan     Currency: RMB
                                                             Amortization
                      Opening        Increase in                                    Other
     Item                                                     Amount in                            Closing Balance
                      Balance       Current Period                                 Decreases
                                                             Current Period
Renovation
costs
Others                 23,705.94                    -               12,588.02                  -        11,117.92
    Total           9,050,769.28      8,791,878.75            5,868,252.04            6,817.13      11,967,578.86
Other explanations: None
     (1). Deferred tax assets not offset
√Applicable □Not Applicable
                                                                                    Unit: Yuan     Currency: RMB
                                        Closing Balance                                Opening Balance
            Item                 Deductible                                      Deductible
                                                        Deferred Tax                                Deferred Tax
                                 Temporary                                       Temporary
                                                           Asset                                       Asset
                                 Differences                                     Differences
Provision for asset
impairment
Unrealized profits from
internal transactions
Deductible losses                19,945,378.48            3,078,889.19           43,614,504.20        7,677,835.37
Gains and losses on
changes in the fair value
                                               -                          -         118,063.58          17,709.54
of trading financial
liabilities
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Employee benefits
payable
Accrued expenses              285,916,134.95           48,723,033.18       284,661,806.22     46,604,411.66
Share-based payments           28,182,616.76            2,457,267.66        34,300,895.67      5,748,005.15
Provisions                     41,781,029.40            8,756,991.16        44,953,951.72      9,630,856.33
Others                         81,468,489.31           17,900,952.09        66,942,140.64     15,156,823.47
             Total            701,034,991.99       121,882,932.76          717,470,232.17    125,617,613.17
     (2). Deferred income tax liabilities not offset
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
                                       Closing Balance                            Opening Balance
          Item                 Temporary                                   Temporary
                                                   Deferred Tax                              Deferred Tax
                                Taxable                                     Taxable
                                                     Liability                                 Liability
                               Differences                                 Differences
Valuation of trading
financial instruments
Gains and losses on
changes in the fair value
of other non-current
assets
Others                          8,404,627.82               429,113.31       2,783,409.43        417,511.41
          Total                21,571,744.95           2,433,829.96        14,319,151.17       2,178,782.42
     (3). Deferred tax assets or liabilities presented as net of offsets
□Applicable √Not Applicable
     (4). Breakdown of unrecognized deferred tax assets
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
               Item                          Closing Balance                        Opening Balance
Deductible Temporary
Differences
Deductible losses                                           8,027,874.42                                    -
               Total                                       41,220,428.70                      37,380,499.30
                                   Annual Report 2025 of OPPLE Lighting Co., Ltd.
       (5). Maturity years of deductible losses of unrecognized deferred tax assets
√Applicable □Not Applicable
                                                                                    Unit: Yuan   Currency: RMB
           Year               Closing Balance                   Opening Balance                  Remark
          Total                         8,027,874.42                                 -             /
Other explanations:
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                    Unit: Yuan   Currency: RMB
                                   Closing Balance                                       Opening Balance
   Item                               Provision                                             Provision
                                                          Carrying                                           Carrying
                  Book Balance           for                            Book Balance           for
                                                          Amount                                             Amount
                                     Impairment                                            Impairment
Prepaid
land fees
Prepayment
for
engineering
equipment
EMC
project
assets to be       42,765,940.54                -     42,765,940.54     26,657,833.07                  -   26,657,833.07
carried
forward
   Total          115,109,932.45                -    115,109,932.45     91,933,817.81                  -   91,933,817.81
Other explanations: None
                                   Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
Other explanations: None
     (1). Classification of short-term borrowings
√Applicable □Not Applicable
                                                                                    Unit: Yuan   Currency: RMB
               Item                             Closing Balance                        Opening Balance
Note discounting not eligible for
derecognition
Guaranteed loans                                                          -                      78,503,229.90
               Total                                           8,769,946.31                      80,596,034.90
Explanation of classification of short-term borrowings: None
     (2). Overdue and outstanding short-term borrowings
□Applicable √Not Applicable
The significant overdue and outstanding short-term borrowings are as follows:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                    Unit: Yuan   Currency: RMB
                                                                                              Reasons and Basis
                Item                        Opening Balance             Closing Balance
                                                                                               for Designation
Held-for-trading financial
liabilities
Including:
Derivative financial liabilities                     118,063.58                           -           /
               Total                                 118,063.58                           -           /
Other explanations:
□Applicable √Not Applicable
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
     (1). Presentation of notes payable
□Applicable √Not Applicable
     (1). Presentation of accounts payables
√Applicable □Not Applicable
                                                                               Unit: Yuan   Currency: RMB
               Item                       Closing Balance                        Opening Balance
Within 1 year                                     765,260,131.48                            913,326,184.72
More than 3 years                                     8,762,020.99                            8,227,676.84
               Total                              788,545,222.37                            934,649,729.00
     (2). Significant accounts payable with aging over one year or overdue
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
     (1) Presentation of advances received
□Applicable √Not Applicable
     (2) Significant advances with aging over one year
□Applicable √Not Applicable
     (3) Amounts and reasons for significant changes in carrying amount during the reporting
     period
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (1). Status of contract liabilities
√Applicable □Not Applicable
                                                                                  Unit: Yuan    Currency: RMB
               Item                            Closing Balance                        Opening Balance
Within 1 year                                            137,472,786.77                         146,735,407.52
More than 3 years                                             2,845,750.80                        2,217,379.15
               Total                                     145,815,184.96                         151,592,860.55
     (2). Significant contract liabilities with aging over one year
□Applicable √Not Applicable
     (3). Amounts and reasons for significant changes in carrying amount during the reporting
     period
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
     (1). Presentation of payroll payable
√Applicable □Not Applicable
                                                                                  Unit: Yuan    Currency: RMB
                                Opening          Increase in Current          Decrease in          Closing
          Item
                                Balance                Period                Current Period        Balance
I. Short-term
remuneration
II. Post-employment
benefit- defined                2,484,830.02        110,832,786.91            110,830,195.88      2,487,421.05
contribution plans
          Total             294,923,534.71        1,366,775,692.16           1,395,595,358.73   266,103,868.14
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2). Presentation of short-term remunerations
√Applicable □Not Applicable
                                                                                 Unit: Yuan      Currency: RMB
                             Opening         Increase in Current         Decrease in Current         Closing
         Item
                             Balance               Period                      Period                Balance
I. Salaries, bonuses,
allowances and           290,871,155.82        1,128,654,166.76             1,158,266,031.64     261,259,290.94
subsidies
II. Employee benefits                    -          11,204,215.90             11,204,215.90                    -
III. Social security
contributions
Including: medical
insurance premiums
Employment injury
insurance premiums
Maternity insurance
premiums
IV. Housing provident
                                         -          46,266,897.58             46,266,897.58                    -
fund
V. Funds for trade
unions and staff                  787.60             4,012,939.23               4,012,935.73             791.10
education
VI. Short-term
                                         -                           -                       -                 -
absence with payroll
VII. Short-term profit
                                         -                           -                       -                 -
sharing plan
         Total           292,438,704.69        1,255,942,905.25             1,284,765,162.85     263,616,447.09
     (3). Presentation of defined contribution plans
√Applicable □Not Applicable
                                                                                 Unit: Yuan      Currency: RMB
                                   Opening            Increase in            Decrease in
            Item                                                                                 Closing Balance
                                   Balance           Current Period         Current Period
premiums
            Total                 2,484,830.02       110,832,786.91          110,830,195.88        2,487,421.05
Other explanations:
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                 Unit: Yuan      Currency: RMB
                Item                         Closing Balance                         Opening Balance
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
Value-added tax (VAT)                                         30,289,778.56                      34,308,336.76
Urban construction tax                                         1,890,793.11                       1,877,115.69
Education surcharge                                            1,100,447.65                       1,087,152.58
Local education surcharges                                      737,965.10                         724,768.36
Corporate income tax                                          50,943,151.94                      49,160,016.93
Personal income tax                                            5,577,964.02                       3,502,085.34
Property tax                                                   3,449,172.71                       9,629,111.44
Land use tax                                                    238,589.06                         493,575.83
Stamp duty                                                     2,496,356.74                       1,645,726.59
Others                                                          185,623.02                           46,937.81
               Total                                          96,909,841.91                     102,474,827.33
Other explanations: None
     (1). Item presentation
√Applicable □Not Applicable
                                                                                   Unit: Yuan   Currency: RMB
                 Item                              Closing Balance                      Opening Balance
Other payables                                                 424,434,275.89                   471,535,342.22
Total                                                          424,434,275.89                   471,535,342.22
Other explanations:
□Applicable √Not Applicable
     (2). Interest payable
Classification and presentation
□Applicable √Not Applicable
Significant overdue payable interest:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (3). Dividends payable
Classification and presentation
□Applicable √Not Applicable
     (4). Other payables
Other payables presented by nature of payment
√Applicable □Not Applicable
                                                                                   Unit: Yuan   Currency: RMB
              Item                            Closing Balance                         Opening Balance
Dealer deposit                                            116,920,131.57                        121,440,024.35
Supplier warranty deposit                                 112,020,867.08                        113,301,773.19
Accounts payable to other
entities
Restricted stock repurchase
obligations
Other payables to employees                                    1,942,894.76                       2,145,953.97
Project payments payable                                      89,921,480.92                      70,927,161.98
             Total                                        424,434,275.89                        471,535,342.22
Other significant payables with aging over one year or overdue
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                   Unit: Yuan   Currency: RMB
              Item                             Closing Balance                         Opening Balance
Long-term payables due within
one year
Lease liabilities due within one
year
             Total                                            13,408,295.60                      14,781,783.37
Other explanations: None
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
Status of other current liabilities
√Applicable □Not Applicable
                                                                                  Unit: Yuan   Currency: RMB
             Item                            Closing Balance                         Opening Balance
Accrued expenses - rebates                               171,226,847.48                        200,148,640.17
-Channel support fee                                     329,225,224.65                        360,709,808.63
-Marketing expenses                                          10,963,695.04                      11,145,268.39
-Transportation costs                                        36,198,340.61                      34,459,677.27
-Others                                                  169,363,186.12                        157,506,015.57
Tax to be charged off                                        11,032,679.11                       9,792,979.43
Note endorsements not
eligible for derecognition
             Total                                       739,124,066.70                        776,802,389.46
Increase or decrease in short-term bonds payable:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
(1) Classification of long-term borrowings
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
     (1). Bonds payable
□Applicable √Not Applicable
     (2). Details of bonds payable (excluding preferred shares, perpetual bonds and other financial
     instruments classified as financial liabilities):
□Applicable √Not Applicable
     (3). Explanation of convertible bonds
□Applicable √Not Applicable
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
Accounting treatment and basis for judgment of conversion rights
□Applicable √Not Applicable
     (4). Description of other financial instruments classified as financial liabilities
Basic information of preferred shares, perpetual bonds and other financial instruments outstanding at the
end of the period
□Applicable √Not Applicable
Table of changes in preferred shares, perpetual bonds and other financial instruments outstanding at the
end of the period
□Applicable √Not Applicable
Basis for classification of other financial instruments as financial liabilities
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                  Unit: Yuan   Currency: RMB
                Item                             Closing Balance                      Opening Balance
Operating lease payable                                        5,492,757.68                      9,279,172.51
                Total                                          5,492,757.68                      9,279,172.51
Other explanations: None
Item presentation
√Applicable □Not Applicable
                                                                                  Unit: Yuan   Currency: RMB
                 Item                             Closing Balance                      Opening Balance
Long-term payables                                                        -                      8,998,803.00
                Total                                                     -                      8,998,803.00
Other explanations:
                                    Annual Report 2025 of OPPLE Lighting Co., Ltd.
    □Applicable √Not Applicable
        Long-term payables
    (1) Long-term payables presented by nature
    □Applicable √Not Applicable
        Special payables
    (1). Special payables presented by nature
    □Applicable √Not Applicable
    □Applicable √Not Applicable
    √Applicable □Not Applicable
                                                                                        Unit: Yuan   Currency: RMB
              Item                  Closing Balance                   Opening Balance                Causes
    Product quality
    assurance
              Total                       44,925,810.26                    47,482,998.90               /
    Other explanations, including important assumptions and estimates related to significant provisions: None
    Status of deferred incomes
    √Applicable □Not Applicable
                                                                                        Unit: Yuan   Currency: RMB
                          Opening         Increase in            Decrease in         Closing
       Item                                                                                                Causes
                          Balance        Current Period         Current Period       Balance
Government grants     57,686,532.09      18,000,000.00           7,557,189.24     68,129,342.85
      Total           57,686,532.09      18,000,000.00           7,557,189.24     68,129,342.85               /
    Other explanations:
    √Applicable □Not Applicable
                                      Annual Report 2025 of OPPLE Lighting Co., Ltd.
    Items involved in governmental subsidies:
                                Increase in           Decrease in                                           Related to
                Opening                                                   Closing
  Item                            Current              Current                           Causes          Assets/Related to
                Balance                                                   Balance
                                  Period                Period                                               Revenue
Subsidies
for
industrial   50,000,000.00                       -                   -            -   50,000,000.00    Asset-related
project
funds
Equipment
technology
renovation
project
Subsidies
for green
energy
saving
  Total      57,686,532.09     18,000,000.00          7,557,189.24                -   68,129,342.85
    □Applicable √Not Applicable
    √Applicable □Not Applicable
                                                                                          Unit: Yuan     Currency: RMB
                                             Change in Current Period (+/-)
                                                     Transfer
             Opening                                   from
                              New                                                                        Closing Balance
             Balance                   Bonus         Reserved
                             Shares                                      Others          Subtotal
                                       Shares         Funds
                             Issued
                                                     to Share
                                                      Capital
 Total
number
   of
 shares
    Other explanations:
        During the reporting period, the Company canceled a total of 1,407,542 repurchased restricted shares,
    reducing treasury shares by RMB 12,474,599.52, reducing share capital by RMB 1,407,542.00, and
    reducing capital reserve by the difference of RMB 11,067,057.52.
          (1). Basic information of preferred shares, perpetual bonds and other financial instruments
          outstanding at the end of the period
    □Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2). Table of changes in preferred shares, perpetual bonds and other financial instruments
     outstanding at the end of the period
□Applicable √Not Applicable
Explanation of changes in other equity instruments during the current period, reasons for the changes, and
the basis for the relevant accounting treatment:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                 Unit: Yuan    Currency: RMB
                                                    Increase in         Decrease in
          Item               Opening Balance                                                  Closing Balance
                                                   Current Period      Current Period
Capital premium (share
premium)
Other capital reserves          41,520,671.57       19,320,543.41       25,453,231.92            35,387,983.06
          Total                645,902,422.82       44,773,775.33       50,136,252.64           640,539,945.51
Other explanations on changes, including increases and decreases in current period and reasons for these
changes:
shares, reducing treasury shares by RMB 12,474,599.52, reducing share capital by RMB 1,407,542.00,
and reducing capital reserve by the difference of RMB 11,067,057.52.
the granted shares was the treasury shares resulting from the Company's centralized repurchases. during
this grant, the Company received total monetary fund contributions of RMB 9,878,400.00 from the
subscribing shareholders, while simultaneously recognizing a repurchase obligation of RMB 9,878,400.00,
decreasing treasury shares by RMB 23,494,363.20, and decreasing capital reserve by RMB
total of 2,832,954 restricted shares that had met the unlocking conditions. In connection with this matter,
the Company reduced treasury shares by RMB 24,559,835.04, derecognized the corresponding liability
for the repurchase obligation, and carried forward the capital reserve (other capital reserve) of RMB
relevant costs or expenses and capital reserve on each balance sheet date during the lock-up period or
vesting period. As calculated, the amount of share-based payment expenses apportioned during this
reporting period is RMB 19,320,543.41.
√Applicable □Not Applicable
                                                                                 Unit: Yuan    Currency: RMB
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                           Increase in Current         Decrease in
      Item           Opening Balance                                                      Closing Balance
                                                 Period               Current Period
Restricted stock         83,396,900.00            9,878,400.00          38,034,830.38         55,240,469.62
Share repurchase         76,099,114.95                            -     23,494,363.20         52,604,751.75
      Total             159,496,014.95            9,878,400.00          61,529,193.58       107,845,221.37
Other explanations on changes, including increases and decreases in current period and reasons for these
changes:
shares, reducing treasury shares by RMB 12,474,599.52, reducing share capital by RMB 1,407,542.00,
and reducing capital reserve by the difference of RMB 11,067,057.52.
the granted shares was the treasury shares resulting from the Company's centralized repurchases. during
this grant, the Company received total monetary fund contributions of RMB 9,878,400.00 from the
subscribing shareholders, while simultaneously recognizing a repurchase obligation of RMB 9,878,400.00,
decreasing treasury shares by RMB 23,494,363.20, and decreasing capital reserve by RMB
total of 2,832,954 restricted shares that had met the unlocking conditions. In connection with this matter,
the Company reduced treasury shares by RMB 24,559,835.04, derecognized the corresponding liability
for the repurchase obligation, and carried forward the capital reserve (other capital reserve) of RMB
based on the amount of cash dividends distributed, debited accounts such as "Other Payables —
Repurchase Obligation for Restricted Shares" and credited the "Treasury Shares" account, thereby
reducing treasury shares by RMB 1,000,395.82.
                                                           Annual Report 2025 of OPPLE Lighting Co., Ltd.
√Applicable □Not Applicable
                                                                                                                                   Unit: Yuan       Currency: RMB
                                                                           Amount Incurred in Current Period
                                                          Less: Amount          Less: Amount
                                                          Recognized in         Recognized in
                                         Amount               Other                 Other                          Amount            Amount
                                                                                                      Less:
                       Opening         Incurred in       Comprehensive         Comprehensive                    Attributable to   Attributable         Closing
      Item                                                                                          Income
                       Balance        Current Period   Income in Previous Income in Previous                      the Parent       to Minority         Balance
                                                                                                      Tax
                                      Before Income        Period and            Period and                     Company After     Shareholders
                                                                                                   Expenses
                                           Tax         Transferred into the Transferred into the                      Tax           After Tax
                                                         Profit or Loss in    Retained Earnings
                                                          Current Period      in Current Period
I.           Other
comprehensive
income         that
                      -7,098,900.00                -                      -                       -         -                 -                      -7,098,900.00
cannot           be
re-classified into
profit or loss
Including:
changes in the
fair value of
                      -7,098,900.00                -                      -                       -         -                 -                      -7,098,900.00
other       equity
instrument
investments
II.          Other
comprehensive
income to be          -3,837,555.23   -14,584,677.69                      -                       -         -   -14,332,018.35     -252,659.34      -18,169,573.58
re-classified into
profit or loss
Including:
Changes in fair
                                  -                -                      -                       -         -                                   -                -
value of other
debt investments
                                                             Annual Report 2025 of OPPLE Lighting Co., Ltd.
Exchange
differences on
the translation of
                      -3,837,555.23    -14,584,677.69                       -                       -          -    -14,332,018.35     -252,659.34     -18,169,573.58
foreign currency
financial
statements
Total        other
comprehensive        -10,936,455.23    -14,584,677.69                       -                       -          -    -14,332,018.35     -252,659.34     -25,268,473.58
income
Other explanations, including adjustment of the effective portion of cash flow hedge gains/losses transferred to the initially recognized amount of the hedged item:
None.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                 Unit: Yuan     Currency: RMB
                                           Increase in Current Decrease in Current
       Item             Opening Balance                                                       Closing Balance
                                                 Period              Period
Statutory     surplus
reserve
       Total              400,338,803.84                          -                     -       400,338,803.84
Explanation of surplus reserve, including information on changes during the current period and reasons for
such changes: None
√Applicable □Not Applicable
                                                                                 Unit: Yuan     Currency: RMB
                   Item                            Current Period                      Previous Period
Undistributed profits at the end of the
previous period, before adjustment
Undistributed profits at the beginning
of the current period, after adjustment
Add: Net profit attributable to owners
of the parent for the period
Less: Appropriation to statutory
                                                                           -                                    -
surplus reserve
Ordinary share dividends payable                              662,661,104.05                    623,631,839.58
Undistributed profits at the end of the
period
Details of adjustment of undistributed profits at the beginning of the period:
and relevant new regulations, the impact on undistributed profits at the beginning of the period is RMB 0.
is RMB 0.
of the period is RMB 0.
impact on undistributed profits at the beginning of the period is RMB 0.
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
    (1). Status of operating revenues and operating costs
√Applicable □Not Applicable
                                                                                 Unit: Yuan    Currency: RMB
                       Amount Incurred in Current Period             Amount Incurred in Previous Period
    Item
                        Revenue                  Cost                  Revenue                    Cost
Main
businesses
Other
businesses
    Total             6,970,146,425.51      4,228,485,604.32        7,096,343,305.89          4,308,012,292.26
    (2). Breakdown of operating revenue and operating costs
√Applicable □Not Applicable
                                                                                 Unit: Yuan    Currency: RMB
                             Amount for the Current Period               Amount for the Previous Period
        Item                                                              Operating
                          Operating revenue      Operating costs                              Operating costs
                                                                           revenue
By industry
Lighting industry          6,917,087,704.50     4,212,555,358.63      7,033,467,076.17        4,285,096,503.01
       Total               6,917,087,704.50     4,212,555,358.63      7,033,467,076.17        4,285,096,503.01
By region
Domestic sales             6,244,636,339.54     3,832,316,833.45      6,362,308,838.60        3,891,791,446.75
Foreign sales                672,451,364.96       380,238,525.18        671,158,237.57         393,305,056.26
       Total               6,917,087,704.50     4,212,555,358.63      7,033,467,076.17        4,285,096,503.01
Other explanations:
□Applicable √Not Applicable
    (3). Description of performance obligations
□Applicable √Not Applicable
    (4). Explanation of allocation to remaining performance obligations
□Applicable √Not Applicable
    (5). Major contract changes or significant adjustments to transaction prices
□Applicable √Not Applicable
Other explanations: None
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
√Applicable □Not Applicable
                                                                                  Unit: Yuan    Currency: RMB
                                      Amount Incurred in Current                 Amount Incurred in Previous
               Item
                                               Period                                     Period
Urban maintenance and
construction tax
Education surcharge                                          8,743,944.33                          9,434,878.15
Local education surcharges                                   5,833,629.54                          6,382,505.21
Property tax                                                18,134,075.86                        18,474,322.71
Stamp duty                                                   6,922,477.60                          5,888,362.40
Land use tax                                                 1,139,515.48                          1,140,413.22
Environmental protection tax                                   437,477.44                            48,557.36
               Total                                        56,522,408.06                        58,325,813.02
Other explanations: None
√Applicable □Not Applicable
                                                                                  Unit: Yuan    Currency: RMB
                                           Amount Incurred in Current             Amount Incurred in Previous
                  Item
                                                    Period                                 Period
Employee remuneration                                        490,381,372.88                     527,801,313.17
Channel support fee                                          529,544,975.82                     582,698,721.51
Advertising and marketing fee                                 18,377,374.77                      18,100,459.12
Rental fee                                                    37,901,243.84                      34,011,548.88
Office expenses                                              128,811,719.55                     122,720,170.12
Others                                                            8,639,571.10                     5,856,185.06
                 Total                                      1,213,656,257.96                   1,291,188,397.86
Other explanations: None
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
√Applicable □Not Applicable
                                                                                  Unit: Yuan   Currency: RMB
                                                   Amount Incurred in Current           Amount Incurred in
                     Item
                                                            Period                       Previous Period
Employee remuneration                                              150,792,180.31              177,910,773.23
Office expenses                                                     47,148,381.37               46,431,853.74
Travel expenses, transportation expenses,
transportation costs, etc.
Consulting fee                                                      35,788,104.06               39,986,663.79
Depreciation and amortization                                       28,169,552.91               61,585,470.21
Others                                                               2,334,324.11                2,548,327.51
                     Total                                         269,557,938.82              335,693,236.17
Other explanations: None
√Applicable □Not Applicable
                                                                                  Unit: Yuan   Currency: RMB
                                                   Amount Incurred in Current           Amount Incurred in
                     Item
                                                            Period                       Previous Period
Employee remuneration                                              205,494,151.27              205,714,668.56
Material consumption                                                51,187,576.55               55,432,258.01
Depreciation expenses and others                                    40,240,790.82               44,876,896.30
                     Total                                         296,922,518.64              306,023,822.87
Other explanations: None
√Applicable □Not Applicable
                                                                                  Unit: Yuan   Currency: RMB
                                                   Amount Incurred in Current           Amount Incurred in
                     Item
                                                            Period                       Previous Period
Interest expense                                                     1,187,029.81                5,466,488.41
Including: interest on lease liabilities                              331,516.86                  281,738.36
Less: interest income                                               22,633,394.20               70,928,071.15
Exchange gains and looses                                          -17,032,476.93                4,938,708.93
Others                                                               7,515,620.75                8,049,490.78
                     Total                                         -30,963,220.57              -52,473,383.03
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Other explanations: None
√Applicable □Not Applicable
                                                                                   Unit: Yuan   Currency: RMB
                                          Amount Incurred in Current              Amount Incurred in Previous
    Classification by nature
                                                   Period                                  Period
Government grants                                           75,213,373.62                        72,090,828.45
Withholding handling fee                                     1,111,938.84                            762,684.56
Other subsidies                                             10,476,441.89                        21,306,569.39
              Total                                         86,801,754.35                        94,160,082.40
Other explanations:
Government subsidies included in other income:
                               Amount Incurred in           Amount Incurred in        Related to Assets/Related
Classification by nature
                                Current Period               Previous Period                 to Revenue
Technical renovation
project
Subsidies for green
energy saving
Subsidies for upgrades
and renovations under
                                                        -             490,000.05            Asset-related
the energy performance
contracting model
Subsidies for industrial
                                                        -             129,578.46            Asset-related
project funds
Government funds and
special-purpose funds
Financial support                     30,710,000.00                32,913,600.00          Earning-related
          Total                       75,213,373.62                72,090,828.45
√Applicable □Not Applicable
                                                                                  Unit: Yuan    Currency: RMB
                                               Amount Incurred in Current          Amount Incurred in Previous
                      Item
                                                        Period                              Period
Income from long-term equity
investments accounted for using the                               -4,831,458.27                  25,834,599.07
equity method
Investment income from disposal of
trading financial assets/liabilities
Investment income from disposal of
financial assets measured at fair value                           79,194,147.62                  63,359,476.42
through profit or loss
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Investment income from debt
                                                                                 -                    167,385.47
restructuring
Investment income from disposing of
                                                                                 -                    923,926.03
long-term equity investment
                  Total                                          74,458,780.55                     91,904,729.46
Other explanations: None
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                     Unit: Yuan   Currency: RMB
 Sources of Gains from Changes in         Amount Incurred in Current                 Amount Incurred in Previous
            Fair Value                             Period                                     Period
Held-for-trading financial assets                                2,626,423.77                       8,191,328.56
Including: Gains from changes in the
fair value of derivative financial                               5,520,192.05                       5,297,560.28
instruments
     Others                                                      -2,893,768.28                      2,893,768.28
Other non-current financial assets                                -878,741.62                         -21,974.41
                Total                                            1,747,682.15                       8,169,354.15
Other explanations: None
√Applicable □Not Applicable
                                                                                     Unit: Yuan   Currency: RMB
                                             Amount Incurred in Current              Amount Incurred in Previous
                  Item
                                                      Period                                  Period
Accounts receivable loss on bad debts                              5,310,908.82                    20,001,460.45
Other accounts receivable loss on bad
debts
                  Total                                            5,740,700.02                    21,426,212.08
Other explanations: None
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
                                         Amount Incurred in Current          Amount Incurred in Previous
                   Item
                                                  Period                              Period
Loss on impairment of inventories
and contract performance cost
Loss on impairment of contract assets                        551,392.02                         843,074.61
                   Total                                   10,571,045.54                      10,489,971.99
Other explanations: None
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
                                        Amount Incurred in Current           Amount Incurred in Previous
                 Item
                                                 Period                               Period
Gains from disposal of fixed
assets
                 Total                                           29,920.35                      106,676.20
Other explanations: None
Status of non-operating income
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
                                                                                     Amounts Included in
                           Amount Incurred in              Amount Incurred in
         Item                                                                       Non-recurring Gains and
                            Current Period                  Previous Period
                                                                                     Losses for the Period
Others                              33,719,362.41                   22,092,252.22             33,719,362.41
         Total                      33,719,362.41                   22,092,252.22             33,719,362.41
Other explanations:
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
                                                                                     Amounts Included in
                           Amount Incurred in              Amount Incurred in
         Item                                                                       Non-recurring Gains and
                            Current Period                  Previous Period
                                                                                     Losses for the Period
Total losses on
disposal of
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
non-current assets
External donations                   30,305,102.08                       66,521.78              30,305,102.08
Others                                2,170,059.56                    2,444,998.13               2,170,059.56
         Total                       33,159,089.77                    4,241,395.12              33,159,089.77
Other explanations: None
     (1). Table of income tax expenses
√Applicable □Not Applicable
                                                                                 Unit: Yuan    Currency: RMB
                                          Amount Incurred in Current             Amount Incurred in Previous
                 Item
                                                   Period                                 Period
Current income tax expenses                                  156,651,285.72                    131,649,533.41
Deferred income tax expenses                                   3,989,727.95                      -6,554,874.99
                 Total                                       160,641,013.67                    125,094,658.42
     (2). Adjustment process for accounting profit and income tax expenses
√Applicable □Not Applicable
                                                                                 Unit: Yuan    Currency: RMB
                         Item                                      Amount Incurred in Current Period
Total profit                                                                                  1,083,251,582.76
Income tax expenses calculated at the
statutory/applicable tax rate
Effect of different tax rates applicable to
subsidiaries
Effect of adjusting income taxes for prior periods                                              16,315,379.66
Effect of non-deductible costs, expenses, and
losses
Effect of additional deduction for technological
                                                                                                -40,304,625.66
development expenses
Impact of changes in income tax rates                                                                          -
Effect of utilizing deductible losses for which no
                                                                                                -13,212,941.83
deferred tax asset is recognized in prior periods
Effect of deductible temporary differences or tax
losses for which no deferred tax asset is                                                         1,840,148.10
recognized in current period
Others                                                                                            5,917,321.19
Impact of the additional deduction for wages paid
to disabled employees
Impact of tax-exempt income on income tax
expense
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Income tax expenses                                                                           160,641,013.67
Other explanations:
□Applicable √Not Applicable
□Applicable √Not Applicable
     (1). Cash related to operating activities
Other cash received relating to operating activities
√Applicable □Not Applicable
                                                                                 Unit: Yuan   Currency: RMB
                                           Amount Incurred in Current            Amount Incurred in Previous
                  Item
                                                    Period                                Period
Interest income                                                22,633,394.20                   70,928,071.15
Income from government subsidies                               86,834,840.17                   69,932,998.89
Receivables/payables and other
payments
                  Total                                       167,326,686.33                  226,224,761.34
Explanation of other cash received relating to operating activities: None
Other cash paid relating to operating activities
√Applicable □Not Applicable
                                                                                 Unit: Yuan   Currency: RMB
                                           Amount Incurred in Current            Amount Incurred in Previous
                  Item
                                                    Period                                Period
Period expense paid                                           767,141,253.65                  774,871,218.92
Receivables/payables and other
payments
                  Total                                       898,289,570.30                  994,006,786.23
Explanation of other cash paid relating to operating activities: None
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2). Cash related to investment activities
Significant cash received relating to investment activities
√Applicable □Not Applicable
                                                                                     Unit: Yuan    Currency: RMB
                                            Amount Incurred in Current               Amount Incurred in Previous
                 Item
                                                     Period                                   Period
Cash received from the disposal of
investment
                Total                                         2,160,400,000.00                    1,700,000,000.00
Explanation of significant cash received relating to investment activities: None
Significant cash paid relating to investment activities
√Applicable □Not Applicable
                                                                                     Unit: Yuan    Currency: RMB
                                            Amount Incurred in Current               Amount Incurred in Previous
                 Item
                                                     Period                                   Period
Cash paid for investments                                      770,000,000.00                     4,573,000,000.00
                Total                                          770,000,000.00                     4,573,000,000.00
Explanation of significant cash paid relating to investment activities: None
Other cash received relating to investment activities
□Applicable √Not Applicable
Other cash paid relating to investment activities
□Applicable √Not Applicable
     (3). Cash related to financing activities
Other cash received relating to financing activities
□Applicable √Not Applicable
Other cash paid relating to financing activities
√Applicable □Not Applicable
                                                                                     Unit: Yuan    Currency: RMB
                                             Amount Incurred in Current              Amount Incurred in Previous
                 Item
                                                      Period                                  Period
Financing proceeds and handling fees                                 6,558,438.06                     9,325,876.58
Payments for share repurchase                                       13,173,159.36                  174,229,334.44
Minority interest transactions                                                   -                    4,517,120.00
                                             Annual Report 2025 of OPPLE Lighting Co., Ltd.
                               Total                                           19,731,597.42                 188,072,331.02
              Explanation of other cash paid relating to financial activities: None
              Changes in liabilities generated from financing activities
              √Applicable □Not Applicable
                                                                                               Unit: Yuan    Currency: RMB
                                           Increase in Current Period                 Decrease in Current Period
                         Opening                                                                                        Closing
      Item                                                   Non-cash                                  Non-cash
                         Balance        Cash Changes                               Cash Changes                         Balance
                                                             Changes                                   Changes
Other payables -
restricted share
repurchase
obligations
Short-term
borrowings
Dividends
                                    -                 -   662,661,104.05           661,660,708.50     1,000,395.55                -
payable
Lease liabilities
(including     the
current portion of     15,060,975.90                  -     3,288,188.32             6,495,856.79     1,951,057.15    9,902,250.28
non-current
liabilities)
Long-term
payables         -
minority equity
transactions
(including     the
current portion of
non-current
liabilities)
      Total           178,121,887.07    30,076,503.33     665,949,292.37           773,110,415.02    31,645,142.56   69,392,125.19
                     (4). Explanation of representing cash flows on a net basis
              □Applicable √Not Applicable
              (5) Significant activities that do not involve current period cash receipts and payments but affect the
              financial position of the enterprise or may affect its cash flows in the future, and their financial
              effects
              □Applicable √Not Applicable
                     (1). Supplementary information to the cash flow statement
              √Applicable □Not Applicable
                                                                                               Unit: Yuan    Currency: RMB
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                  Amount for the Previous
     Supplementary Information             Amount for the Current Period
                                                                                         Period
Net Profit                                                    922,610,569.09                 904,753,983.56
Add: Provision for asset impairment                               10,571,045.54               10,489,971.99
Credit impairment losses                                           5,740,700.02               21,426,212.08
Depreciation of fixed assets,
depreciation of oil & gas assets, and
depreciation of productive biological
assets
Amortization of right-of-use assets                                6,425,320.99                7,557,346.22
Amortization of intangible assets                                 18,927,464.91               15,648,580.51
Amortization of long-term prepaid
expenses
Losses on the disposal of fixed assets,
intangible assets and other long-term                                -29,920.35                 -106,676.20
assets (gains denoted by "-")
Losses from scrapping of fixed assets
(gains denoted by "-")
Loss on changes in fair value (gains
                                                                  -1,747,682.15               -8,169,354.15
denoted by "-")
Financial expenses (gains denoted by
                                                              -16,700,960.07                   5,220,447.29
"-")
Investment losses (gains denoted by
                                                              -74,458,780.55                 -91,904,729.46
"-")
Decrease in deferred tax assets
(increase denoted by "-")
Increase in deferred tax liabilities
(decrease denoted by "-")
Decrease in inventories (increase
denoted by "-")
Decrease in receivables under
operating activities (increase denoted                       -127,871,420.93                 -92,264,375.80
by "-")
Increase in payables under operating
                                                             -226,373,511.04                -146,665,497.03
activities (decrease denoted by "-")
Others                                                                        -                             -
Net cash flow from operating activities                       689,874,479.51                 819,137,835.33
Closing balance of cash                                     1,715,158,948.15               1,576,091,564.61
Less: Opening balance of cash                               1,576,091,564.61               4,537,065,540.94
Add: Closing balance of cash
equivalents
Less: Opening balance of cash
equivalents
Net increase in cash and cash
equivalents
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2). Net cash paid for the acquisition of subsidiaries during the current period
□Applicable √Not Applicable
     (3). Net cash received from disposal of subsidiaries during the current period
□Applicable √Not Applicable
     (4). Composition of cash and cash equivalents
√Applicable □Not Applicable
                                                                                        Unit: Yuan    Currency: RMB
                  Item                               Closing Balance                         Opening Balance
I. Cash                                                        1,715,158,948.15                      1,576,091,564.61
Including: Bank deposits that are
readily available for payment
         Deposits with the central bank
   that are available for payment
II. Cash equivalents                                                                -                               -
Including: Bond investments due
                                                                                    -                               -
within three months
III. Closing balance of cash and cash
equivalents
     (5). Items restricted in use that are still presented as cash and cash equivalents
□Applicable √Not Applicable
     (6). Monetary funds not classified as cash and cash equivalents
√Applicable □Not Applicable
                                                                                        Unit: Yuan    Currency: RMB
          Item              Closing Balance                Opening Balance                       Reason
Bond deposit                      1,400,035.00                       1,279,369.00             Restricted use
Others                                    3,760.00                   3,675,010.00             Restricted use
          Total                   1,403,795.00                       4,954,379.00                     /
Other explanations:
□Applicable √Not Applicable
Name of items under "Other" for which the previous closing balance is adjusted, and the adjustment
amount:
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
    (1). Monetary items denominated in foreign currencies
√Applicable □Not Applicable
                                                                                                Unit: Yuan
                                   Closing Balance in           Exchange Rate for        Closing Balance
             Item
                                   Foreign Currency                Translation          Translated to RMB
Monetary funds                                             -                        -       336,051,566.12
Including: USD                           39,935,145.36                      7.0288          280,695,556.83
       HKD                                   655,284.30                     0.9032              591,853.29
       EUR                                 5,329,033.72                     8.2355           43,887,258.58
       AED                                 1,200,797.89                     1.9071            2,290,029.65
       INR                                 7,921,812.83                     0.0780              617,584.53
       THB                               17,698,913.68                      0.2225            3,938,362.28
       IDR                            1,088,572,168.00                      0.0004              457,200.31
       VDN                           13,224,756,088.00                      0.0003            3,570,684.13
       MXN                                     7,788.09                     0.3899                3,036.51
Accounts Receivable                                        -                        -       154,385,166.47
Including: USD                             9,962,579.23                     7.0288           70,024,976.80
       EUR                                 7,889,591.86                     8.2355           64,974,733.94
       INR                              201,143,737.56                      0.0780           15,681,165.78
       THB                                 2,354,481.73                     0.2225              523,915.49
       VDN                           11,779,164,663.00                      0.0003            3,180,374.46
Other receivables                                          -                        -         1,562,190.70
Including: USD                                28,064.09                     7.0288              197,257.52
       HKD                                    16,308.08                     0.9032               14,729.48
       EUR                                   142,187.61                     8.2355            1,170,985.41
       AED                                    16,000.00                     1.9071               30,513.44
       INR                                 1,262,272.17                     0.0780               98,406.73
       THB                                    18,821.08                     0.2225                4,188.07
       IDR                               52,049,580.00                      0.0004               21,860.82
       VND                               89,811,981.00                      0.0003               24,249.23
  Accounts payable                                         -                        -         4,291,100.27
Including: USD                                23,184.58                     7.0288              162,959.65
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
        EUR                                     231,460.51                      8.2355           1,906,193.02
        AED                                      74,391.76                      1.9071             141,871.78
        INR                                 26,388,943.30                       0.0780           2,057,282.02
        VND                                 84,421,462.00                       0.0003              22,793.80
  Other payables                                               -                      -          3,314,538.98
Including: USD                                        39.61                     7.0288                 278.41
        EUR                                     397,769.56                      8.2355           3,275,831.22
        AED                                      18,048.06                      1.9071              34,419.27
        THB                                       1,592.00                      0.2225                 354.25
        IDR                                   5,087,658.00                      0.0004               2,136.81
        VND                                   5,626,000.00                      0.0003               1,519.02
Other explanations: None
(2). Explanation of overseas business entities, including, for significant overseas business entities,
disclosure of their main overseas place of operations, functional currency and the basis for its
selection, and if the functional currency has changed, the reasons for such change.
□Applicable √Not Applicable
(1). As the lessee
√Applicable □Not Applicable
                                           Amount for the Current
                 Item                                                        Amount for the Previous Period
                                                  Period
Interest expense on lease liabilities                          331,516.86                       281,738.36
Short-term lease expenses subject to
simplified treatment and included in
the costs of relevant assets or current
profit or loss
Total cash outflow related to leases                         26,939,718.68                   28,627,013.69
Variable lease payments not included in the measurement of lease liabilities
□Applicable √Not Applicable
Short-term leases subject to simplified treatment or leases of low-value assets
□Applicable √Not Applicable
Sale and leaseback transactions and basis of judgment
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
Total cash outflow related to leasing: 26,939,718.68 (Unit: Yuan, Currency: RMB)
(2). As the lessor
Operating leases as lessor
□Applicable √Not Applicable
Financing leases as lessor
□Applicable √Not Applicable
Reconciliation of undiscounted lease payments receivable and net investment in the lease
□Applicable √Not Applicable
Undiscounted lease payments receivable for the next five years
□Applicable √Not Applicable
(3) Recognition of sales profit or loss on a financing lease as a manufacturer or dealer
□Applicable √Not Applicable
Other explanations: None
□Applicable √Not Applicable
□Applicable √Not Applicable
     VIII.     Research and development expenses
√Applicable □Not Applicable
                                                                               Unit: Yuan   Currency: RMB
                                                Amount Incurred in Current           Amount Incurred in
                     Item
                                                         Period                       Previous Period
Employee remuneration                                           205,494,151.27              205,714,668.56
Material consumption                                             51,187,576.55               55,432,258.01
Depreciation expenses and others                                 40,240,790.82               44,876,896.30
                     Total                                      296,922,518.64              306,023,822.87
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Other explanations: None
□Applicable √Not Applicable
Significant capitalized R&D projects
□Applicable √Not Applicable
Provision for impairment of development expenses
□Applicable √Not Applicable
Other explanations: None
□Applicable √Not Applicable
     IX. Changes in Consolidation Scope
□Applicable √Not Applicable
□Applicable √Not Applicable
□Applicable √Not Applicable
Whether there are any transactions or events that resulted in loss of control over subsidiaries during the
current period.
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
Whether there are any circumstances involving loss of control over subsidiaries through step-by-step
disposal of investments in subsidiaries in multiple transactions during the current period
□Applicable √Not Applicable
Other explanations:
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
Descriptions for changes in consolidation scope due to other reasons (e.g., newly established subsidiaries,
liquidated subsidiaries, etc.) and related circumstances:
√Applicable □Not Applicable
     During this reporting period, the Company's subsidiary, Guangxi Ouheng Intelligent Technology Co.,
Ltd., had been deregistered with the administration for industry and commerce and was no longer included
in the scope of consolidation.
     During this reporting period, the Company's subsidiary, OPPLE Intelligent (Hangzhou) Technology
Co., Ltd., had been deregistered with the administration for industry and commerce and was no longer
included in the scope of consolidation.
    Our Company's subsidiary, OPPLE Intelligent Lighting Technology Co., Ltd., established OPPLE
(Guangzhou) E-commerce Co., Ltd. with a monetary fund contribution, which was wholly funded by
OPPLE Intelligent Lighting Technology Co., Ltd. Our Company had included it in its consolidation scope.
     Our Company's subsidiary, Shanghai Qianlong Energy Conservation Technology Co., Ltd.,
established OPPLE Smart City Technology (Shanghai) Co., Ltd. with a monetary fund contribution,
which was wholly funded by Shanghai Qianlong Energy Conservation Technology Co., Ltd. Our
Company had included it in its consolidation scope.
      Our Company invested in establishing Shanghai Oule Ouhe Lighting Technology Co., Ltd., which
was wholly funded by the Company through monetary fund contribution. Our Company had included it in
its consolidation scope.
     Our Company's subsidiary, Shanghai Qianlong Energy Conservation Technology Co., Ltd.,
established OPPLE Smart City Technology (Zhongshan) Co., Ltd. with a monetary fund contribution,
which was wholly funded by Shanghai Qianlong Energy Conservation Technology Co., Ltd. Our
Company had included it in its consolidation scope.
     Our Company's subsidiary, OPPLE Lighting International Holding Limited, established OPPLE
Lighting Company with a monetary fund contribution, which was wholly funded by OPPLE Lighting
International Holding Limited. Our Company had included it in its consolidation scope.
□Applicable √Not Applicable
     X. Equity in Other Entities
     (1). Composition of the enterprise group
√Applicable □Not Applicable
                                       Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                                                                        Unit: Yuan   Currency: RMB
                   Principal                                                        Shareholding
  Subsidiary                     Registered      Place of            Nature of       Ratio (%)           Method of
                   Place of
    Name                          Capital       Registration         Business                            Acquisition
                   Business                                                        Direct    Indirect
Suzhou OPPLE
                   Suzhou,          CNY           Suzhou,
 Lighting Co.,                                                     Manufacturing   100.00               Establishment
                   Jiangsu     280,000,000.00     Jiangsu
       Ltd.
    Shanghai
                                                                                                         Combination
  Shanglong                         CNY
                   Shanghai                      Shanghai                Trading   100.00               under common
 Lighting Co.,                  1,000,000.00
                                                                                                           control
       Ltd.
    Shanghai
    Qianlong
                                                                                                         Combination
     Energy                        CNY                               Sales and
                   Shanghai                      Shanghai                           77.00      23.00    under common
 Conservation                  10,000,000.00                          design
                                                                                                           control
  Technology
    Co., Ltd.
Shanghai Kupu                                                                                           Merger under
                                    CNY                              Sales and
 Lighting Co.,     Shanghai                      Shanghai                          100.00                common
       Ltd.                                                                                               control
     OPPLE
                                                                                                           Business
    Lighting
                  Zhongshan,       CNY          Zhongshan,                                               combination
  Appliances                                                       Manufacturing   100.00
                  Guangdong    50,000,000.00    Guangdong                                               under common
 (Zhongshan)
                                                                                                            control
    Co., Ltd.
     OPPLE
    Lighting
                                   USD
 International    Hong Kong                     Hong Kong                Trading   100.00               Establishment
    Holding
     Limited
Shanghai Pushi
                                    CNY
 Lighting Co.,     Shanghai                      Shanghai                 Sales    100.00               Establishment
       Ltd.
    Shanghai
     Haoshi                         CNY
                   Shanghai                      Shanghai                 Sales    100.00               Establishment
 Lighting Co.,                  5,000,000.00
       Ltd.
    Shanghai
                                                                                                         Combination
OPPLE Jiedeng                      CNY
                   Shanghai                      Shanghai                 Sales    100.00               under common
 Lighting Co.,                 10,000,000.00
                                                                                                           control
       Ltd.
    Shanghai
     OPPLE
   Weishang                        CNY
                   Shanghai                      Shanghai                 Sales    100.00               Establishment
    Building                   50,000,000.00
 Materials Co.,
       Ltd.
     OPPLE
   Intelligent
                                    CNY
    Lighting       Shanghai                      Shanghai                 Sales    100.00               Establishment
  Technology
    Co., Ltd.
     OPPLE
                  Zhongshan,        CNY         Zhongshan,           Production
 (Zhongshan)                                                                       100.00               Establishment
                  Guangdong    300,000,000.00   Guangdong             and sales
   Intelligent
                                           Annual Report 2025 of OPPLE Lighting Co., Ltd.
   Technology
     Co., Ltd.
Suzhou OPPLE
    Intelligent     Suzhou,           CNY             Suzhou,            Production
 Lighting Co.,      Jiangsu       80,000,000.00       Jiangsu             and sales
       Ltd.
      OPPLE
     Zhixiang
                                      CNY
   (Shanghai)      Shanghai                           Shanghai               Sales    100.00               Establishment
   Technology
     Co., Ltd.
 OPPLE Zhihui
   (Shenzhen)     Shenzhen,           CNY           Shenzhen,
                                                                             Sales    100.00               Establishment
   Technology     Guangdong       14,000,000.00     Guangdong
     Co., Ltd.
      OPPLE
    Zhicheng
                  Shenzhen,           CNY           Shenzhen,
   Technology                                                                Sales    100.00               Establishment
                  Guangdong       50,000,000.00     Guangdong
(Shenzhen) Co.,
       Ltd.
     Shanghai
      OPPLE
                                      CNY
    Ruishang       Shanghai                           Shanghai               Sales      51.00              Establishment
 Lighting Co.,
       Ltd.
      OPPLE
    Zhicheng
                  Zhengzhou,          CNY           Zhengzhou,
   Technology                                                                Sales    100.00               Establishment
                    Henan         20,000,000.00       Henan
  (Henan) Co.,
       Ltd.
 Shanghai Oule
 Ouhe Lighting                        CNY
                   Shanghai                           Shanghai               Sales    100.00               Establishment
   Technology                     10,000,000.00
     Co., Ltd.
      Kaiyun
   (Shanghai)
    Enterprise                                                                                              Combination
                                      CNY
  Management       Shanghai                           Shanghai               Others     99.99              under common
   Partnership                                                                                                control
     (Limited
  Partnership)
           Explanation of the difference between the shareholding ratio in a subsidiary and the voting rights ratio:
           None
           Basis for controlling the investee while holding half or less of the voting rights, or not controlling the
           investee while holding more than half of the voting rights: None
           Basis for control over significant structured entities included in the consolidation scope: None
           Basis for determining whether the Company acts as an agent or a principal: None
           Other explanations: None
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2). Significant non-wholly-owned subsidiaries
□Applicable √Not Applicable
     (3). Main financial information of significant non-wholly-owned subsidiaries
□Applicable √Not Applicable
     (4). Significant restrictions on the use of enterprise group assets and settlement of enterprise
     group liabilities
□Applicable √Not Applicable
     (5). Financial or other support provided to structured entities included in the consolidated
     financial statement
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
control
□Applicable √Not Applicable
√Applicable □Not Applicable
     (1). Significant joint ventures and associates
□Applicable √Not Applicable
     (2). Main financial information of significant joint ventures
□Applicable √Not Applicable
     (3). Main financial information of significant associates
□Applicable √Not Applicable
     (4). Aggregated financial information of non-significant joint ventures and associates
√Applicable □Not Applicable
                                                                               Unit: Yuan   Currency: RMB
                                   Closing Balance/Amount for the        Opening Balance/Amount for the
                                           Current Period                       Previous Period
Joint ventures:
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Associates:
Total carrying amount of
investments
Aggregate amounts of the following items calculated based on shareholding ratios:
--Net profit                                               -4,831,458.27                   25,859,377.46
--Other comprehensive income                                           -                               -
--Total comprehensive income                               -4,831,458.27                   25,859,377.46
Other explanations: None
     (5). Explanation of significant restrictions on the ability of joint ventures or associates to
     transfer funds to the Company
□Applicable √Not Applicable
     (6). Excess loss incurred by joint ventures or associates
□Applicable √Not Applicable
     (7). Unconfirmed commitment related to cooperative enterprise investment
□Applicable √Not Applicable
     (8). Contingent liabilities related to investments in joint ventures or associates
□Applicable √Not Applicable
□Applicable √Not Applicable
Description on the structured main body that is not included in the combined financial statement:
□Applicable √Not Applicable
□Applicable √Not Applicable
     XI. Government grants
□Applicable √Not Applicable
Reasons for not receiving the expected amounts of governmental subsidy at estimated time
□Applicable √Not Applicable
                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
           √Applicable □Not Applicable
                                                                                           Unit: Yuan   Currency: RMB
                                                                                 Other
                                                                                                                Relevance
                                      Newly increased      Transferred to       changes
                                                                                                                    to
  Item          Opening Balance        subsidy amount     other income in          in        Closing Balance
                                                                                                                Assets/Inc
                                      in current period    current period       current
                                                                                                                  ome
                                                                                 period
Deferred                                                                                                        Asset-relat
income                                                                                                          ed
                                                                                                                Asset-relat
  Total              57,686,532.09       18,000,000.00       7,557,189.24              -        68,129,342.85
                                                                                                                ed
           √Applicable □Not Applicable
                                                                                           Unit: Yuan   Currency: RMB
                                                 Amount Incurred in Current            Amount Incurred in Previous
                        Type
                                                          Period                                Period
           Asset-related                                               7,557,189.24                       2,966,275.19
           Earning-related                                            67,656,184.38                      69,124,553.26
                        Total                                         75,213,373.62                      72,090,828.45
           Other explanations: None
                XII. Risks Associated with Financial Instruments
           √Applicable □Not Applicable
                The Company faces various financial risks in the process of operation, including credit risk, liquidity
           risk, and market risk (including exchange rate risk, interest rate risk, and other price risks). The
           Company’s executive management is fully responsible for determining the risk management objectives
           and policies, and bears ultimate responsibility for them. The executive management reviews the
           effectiveness of the implemented procedures as well as the reasonableness of the risk management
           objectives and policies through the monthly reports submitted to them. Our Company's internal auditors
           also audit risk management policies and procedures, and report their findings to the Audit Committee.
                The Company's overall objective of risk management is to formulate risk management policies to
           minimize risks as far as possible without having excessive influence on the competitiveness and resilience
           of the Company.
                Credit risk refers to the risk of financial loss to the other party arising from one party of financial
           instrument failing to fulfill obligations. Main credit risks of the Company are mainly caused by sales on
           credit. Prior to the signing of a new contract, the Company will evaluate the credit risks of new customers,
           including external credit ratings and bank reference letters in some cases, (when this information is
           available). The Company sets a credit limit for each customer, which is the maximum amount for them
           without requiring additional approval.
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
     Through quarterly monitoring of existing customers' credit ratings and monthly review of accounts
receivable aging analysis, the Company ensures that its overall credit risk is under control. In the
monitoring of credit risks, the customers are grouped according to their credit characteristics. Customers
rated as "high risk" will be placed on a restricted customer list, and the Company may only grant them
credit sales in the future with additional approval; otherwise, such customers will be required to make the
corresponding payments in advance.
    Liquidity risk refers to shortage risk of funds when the Company performs its settlement obligation in
form of cash payment or payment of other financial assets.
      Its policy is to ensure sufficient cash to repay debts. Liquidity risk is centrally controlled by the
Company's financial department. By monitoring the cash balance, marketable securities that can be
realized at any time and rolling forecast of cash flow in the next 12 months, the Financial Department
ensures that the Company has sufficient funds to repay debts under all reasonable forecasts. At the same
time, it continuously monitors whether the loan agreement is met, and obtains the commitment of
providing sufficient reserve funds from major financial institutions to meet short-term and long-term
capital needs.
     The following table presents the Company's financial liabilities based on the undiscounted
contractual cash flows, grouped by maturity date:
                                                              Closing Balance
          Item
                          Within 1 year           1-3 years             More than 3 years        Total
Held-for-trading
financial                                 -                         -                   -                  -
liabilities
Short-term
borrowings
Accounts payable          788,545,222.37                            -                   -    788,545,222.37
Current portion of
non-current                  13,408,295.60                          -                   -     13,408,295.60
liabilities
      Total               810,723,464.28                            -                   -    810,723,464.28
                                                Closing Balance of Previous Year
          Item
                          Within 1 year           1-3 years             More than 3 years        Total
Held-for-trading
financial                      118,063.58                           -                   -        118,063.58
liabilities
Short-term
borrowings
Accounts payable          934,649,729.00                            -                   -    934,649,729.00
Current portion of
non-current                  14,781,783.37                          -                   -     14,781,783.37
liabilities
      Total            1,030,145,610.85                             -                   -   1,030,145,610.85
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
      The market risk of financial instruments refers to the risk of fluctuation of the fair value or the future
cash flow of the financial instruments caused by the change of the market price, including exchange rate
risk, interest rate risk and other price risks.
     (1) Interest Rate Risk
     Interest rate risk refers to the fluctuation risk for fair value or the future cash flow of the financial
instrument arising from the change of the market interest rate.
     The interest rate risk of the Company is mainly from short-term borrowing from bank. By
establishing a good bank-enterprise relationship, the Company ensures adequate credit facilities through
the reasonable design of credit lines, credit varieties, and credit tenor, while securing favorable loan
interest rates to meet its various short-term financing needs.
     As of December 31, 2025, the Company’s outstanding fixed-rate borrowings amounted to RMB 0.
     (2) Exchange Rate Risk
      The exchange rate risk refers to the risk that the fair value or future cash flow of financial instruments
will fluctuate due to changes in foreign exchange rates.
     Our company continuously monitors the scale of foreign currency transactions, foreign currency
assets, and foreign currency liabilities to minimize the foreign exchange risk it faces. In addition, the
Company may enter into forward foreign exchange contracts or currency swap contracts to hedge against
exchange rate risk.
                                                           Annual Report 2025 of OPPLE Lighting Co., Ltd.
     Our Company's exchange rate risk primarily arises from financial assets and financial liabilities denominated in US dollars and Euros. The amounts of foreign
currency financial assets and foreign currency financial liabilities translated into RMB are presented as follows:
                                             Closing Balance                                                      Closing Balance of Previous Year
     Item                                              Other Foreign                                                                Other Foreign
                       USD                EUR                                 Total                  USD               EUR                               Total
                                                        Currencies                                                                   Currencies
Foreign
currency
financial assets
Monetary funds     280,695,556.83     43,887,258.58     11,468,750.70    336,051,566.12          365,852,587.88    43,848,823.79    11,630,139.71    421,331,551.38
Accounts
Receivable
Other
receivables
Subtotal           350,917,791.15    110,032,977.93     31,048,154.20    491,998,923.29          437,345,106.35   103,717,267.68    33,255,051.73    574,317,425.76
Foreign
currency
financial
liabilities
Short-term
                                 -                 -                 -                       -                -                 -                -                -
borrowings
Accounts
payable
Other payables             278.41      3,275,831.22         38,429.35       3,314,538.98              26,356.77       342,526.64        21,710.96       390,594.37
   Subtotal            163,238.06      5,182,024.24      2,260,376.95       7,605,639.25            898,527.08       5,009,824.74    2,740,230.80      8,648,582.62
     As at 31 December 2025, if all other variables keep constant, a 10% appreciation or depreciation of the RMB against foreign currencies would increase or
decrease the Company’s net profit by RMB 48,439,328.40 (31 December 2024: RMB 56,566,884.31). The management believes that 10% reasonably reflects the
range of possible changes in the exchange rate of RMB against foreign currencies in the coming year.
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
(1). The Company is engaged in hedging activities for risk management.
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
(2). The Company is engaged in eligible hedging activities and applies hedge accounting.
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
(3). The Company is engaged in hedging activities for risk management and expects to achieve risk
management objectives, but does not apply hedge accounting.
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
    (1). Classification of transfer methods
□Applicable √Not Applicable
    (2). Financial assets derecognized as a result of transfers
□Applicable √Not Applicable
    (3). Transferred financial assets with continuing involvement
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     XIII.       Disclosure of Fair Value
√Applicable □Not Applicable
                                                                                 Unit: Yuan     Currency: RMB
                                                              Closing Fair Value
          Item              Measured at
                                               Measured at Fair         Measured at Fair
                            Fair Value at                                                           Total
                                               Value at Level 2         Value at Level 3
                              Level 1
I. Continuous fair
value measurement
(I) Held-for-trading
                                         -      3,642,802,853.79                           -   3,642,802,853.79
financial assets
measured at fair value                   -      3,642,802,853.79                           -   3,642,802,853.79
through profit or loss
(1) Debt instrument
                                         -      3,642,802,853.79                           -   3,642,802,853.79
investment
(2) Equity instrument
                                         -                          -                      -                  -
investment
(3) Derivative financial
                                         -                          -                      -                  -
assets
(II) Receivables
financing
(III) Other debt
                                         -                          -                      -                  -
investments
(IV) Other equity
                                                                    -     142,901,100.00        142,901,100.00
instrument investments
(V) Other non-current
                                         -                          -      74,285,521.15         74,285,521.15
financial assets
measured at fair value                   -                          -      74,285,521.15         74,285,521.15
through profit or loss
(1) Debt instrument
                                         -                          -                      -                  -
investment
(2) Equity instrument
                                         -                          -      74,285,521.15         74,285,521.15
investment
(3) Others                               -                          -                      -                  -
Total assets
continuously                   56,000.00        3,642,802,853.79          217,186,621.15       3,860,045,474.94
measured at fair value
(VI) Held-for-trading
                                         -                          -                      -                  -
financial liabilities
                                         -                          -                      -                  -
financial liabilities
(1) Trading bonds
                                         -                          -                      -                  -
issued
(2) Derivative financial
                                         -                          -                      -                  -
liabilities
(3) Others                               -                          -                      -                  -
Total liabilities
continuously                             -                          -                      -                  -
measured at fair value
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
     measured at fair value at Level 1
□Applicable √Not Applicable
     parameters used for an item continuously or not continuously measured at fair value at Level 2
√Applicable □Not Applicable
                                                                                Key Parameters
                        Closing Fair           Valuation
       Item                                                            Qualitative        Quantitative
                           Value              Techniques
                                                                      Information         Information
                                                                                           Predicted
Debt instruments                                                      Quotation for
investment                                                            similar assets
                                                                                             return
Derivative                                                                                 Predicted
                                                                      Quotation for
financial                              -    Market approach                             annualized rate of
                                                                      similar assets
liabilities                                                                                  return
     parameters used for an item continuously or not continuously measured at fair value at Level 3
√Applicable □Not Applicable
                                                   Closing Fair             Valuation        Unobservable
                    Item
                                                      Value                Techniques           Inputs
Held-for-trading financial assets (other)                         -
Other equity instrument investments (equity
instrument investments)
Other non-current financial assets (equity
instrument investments)
                                                                        Annual Report 2025 of OPPLE Lighting Co., Ltd.
continuously measured at fair value at Level 3
√Applicable □Not Applicable
                                                                                                                                                                                   Unrealized
                                                                                                                                                                                    Gains or
                                                                                                                                                                                   Changes for
                                                                                                                                                                                     Current
                                                                                                                                                                                     Period
                                                                         Total Gain or Loss in Current                                                               Closing       Recognized
                                                                                                               Purchase, Issue, Sales and Settlement
                                                                                    Period                                                                           Balance       in Profit or
                    Closing
                                     Transferred-in   Transferred-out                                                                                                               Loss (For
    Item          Balance of
                                       to level 3      from Level 3                                                                                                                Assets Held
                 Previous Year
                                                                                                                                                                                    at End of
                                                                                                                                                                                    Reporting
                                                                                                                                                                                     Period)
                                                                                         Included in
                                                                         Recognized
                                                                                            other                         New           Sell or
                                                                         in Profit or                     Purchase                                      Others
                                                                                        Comprehensiv                     Shares       Settlement
                                                                            Loss
                                                                                          e Income
◆
Held-for-trad                                                                                                                                          2,893,768.
ing financial                                                                                                                                                 28
assets
Financial
assets
measured at                                                                                                                                            2,893,768.
fair value                                                                                                                                                    28
through
profit or loss
- Debt
instrument                       -                -                 -               -                 -              -            -                -             -             -              -
investment
- Equity
instrument                       -                -                 -               -                 -              -            -                -             -             -              -
investment
- Derivative
                                 -                -                 -               -                 -              -            -                -             -             -              -
financial
                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
assets
- Others           2,893,768.28   -   -              -                  -         -        -             -                             -             -
◆ Other
equity
instrument
investments
◆Other
non-current                                                                                    32,104,564.
financial                                                                                              62
assets
Financial
assets
measured at                                                                                    32,104,564.
fair value                                                                                             62
through
profit or loss
- Debt
instrument                    -   -   -              -                  -         -        -             -            -                -             -
investment
- Equity
instrument       107,268,827.39   -   -   -878,741.62                   -         -        -                               74,285,521.15   -878,741.62
investment
- Derivative
financial                     -   -   -              -                  -         -        -             -            -                -             -
assets
- Others                      -   -   -              -                  -         -        -             -            -                -             -
Total            253,063,695.67   -   -   -878,741.62                             -        -                              217,186,621.15   -878,741.62
Including:
Profit and
loss related                              -878,741.62                                                                                      -878,741.62
to financial
assets
Profit and
loss related
to                                                   -                                                                                               -
non-financial
assets
Annual Report 2025 of OPPLE Lighting Co., Ltd.
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
during the current period, the reasons for the transfers and the policy for determining the timing of
such transfers
□Applicable √Not Applicable
     changes
□Applicable √Not Applicable
     value
√Applicable □Not Applicable
     Our Company's financial assets and financial liabilities measured at amortized cost mainly include:
monetary fund, bills receivables, accounts receivables, other receivables, other current assets, accounts
payable, other payables, other current liabilities, non-current liabilities due within one year, other
non-current liabilities, etc. The carrying amounts of the Company's financial assets and financial liabilities
not measured at fair value do not differ significantly from their fair values.
□Applicable √Not Applicable
     XIV.Related parties and transactions
√Applicable □Not Applicable
                                                                                   Unit: Yuan   Currency: RMB
                                                                                                Voting Rights
                                                                           Shareholding
   Parent                                                                                         Ratio of the
                    Place of          Nature of           Registered     Ratio of the Parent
  Company                                                                                           Parent
                   Registration       Business             Capital        Company in the
   Name                                                                                         Company in the
                                                                           Company (%)
                                                                                                 Company (%)
Zhongshan
OPPLE                              Investment
                 Zhongshan                           250,000,000.00                     46.81           46.81
Investment                         management
Co., Ltd.
Explanation of the parent company of the Company: None
The ultimate controllers of the Company are Wang Yaohai and Ma Xiuhui.
Other explanations: None
Details of the Company's subsidiaries are set out in the Notes.
√Applicable □Not Applicable
Details of the Company's subsidiaries are set out in Note X "Interests in Other Entities".
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Significant joint ventures or associates of the Company are set out in the Notes.
□Applicable √Not Applicable
Other joint ventures or associates that had related party transactions with the Company during the current
period or had balances arising from related party transactions with the Company in prior periods are as
follows:
√Applicable □Not Applicable
               Name of Joint Venture or Associate                         Relationship with the Company
Zhejiang Super Lighting Electric Appliance Co., Ltd.                                Associate
Zhuhai XIMO ELECTRIC INC.                                                           Associate
Suzhou Pupo Enterprise Management Partnership Enterprise
                                                                                    Associate
(Limited Partnership)
Other explanations:
□Applicable √Not Applicable
√Applicable □Not Applicable
          Name of Other Related Party                            Relationship with the Company
Zhejiang Jinling Lighting Electrical Appliance
                                            Controlled by a relative of Ma Xiuhui, one of the actual
                   Co., Ltd.                             controllers of the Company
                                            Controlled by a relative of Ma Xiuhui, one of the actual
     Jiangmen Jinhong Lighting Co., Ltd.
                                                         controllers of the Company
                                            Controlled by a relative of Ma Xiuhui, one of the actual
   Suzhou Zhipu Intelligent Motor Co., Ltd.
                                                         controllers of the Company
                                              Controlled by one of the actual controllers of the
     Suzhou OPPLE Real Estate Co., Ltd.
                                                                   Company
  Shanghai Fengyue Enterprise Management      Controlled by one of the actual controllers of the
       Partnership (Limited Partnership)                           Company
                                              Controlled by one of the actual controllers of the
Suzhou OPPLE Property Management Co., Ltd.
                                                                   Company
  Suzhou Shunheng New Energy Technology       Controlled by one of the actual controllers of the
                   Co., Ltd.                                       Company
                                              Controlled by one of the actual controllers of the
     Shanghai Ouzhi Investment Co., Ltd.
                                                                   Company
     Shanghai Huida Puzhao Information        Controlled by one of the actual controllers of the
             Technology Co., Ltd.                                  Company
                                            Controlled by the same controlling shareholder as the
       Suzhou CM Technology Co., Ltd.
                                                                   Company
    CM Technology (Zhongshan) Co., Ltd.                           Same controlling shareholder
 Fengrong Financing Leasing (Shanghai) Co.,
                                                                  Same controlling shareholder
                   Ltd.
  Shanghai OP Energy Technology Co., Ltd.                         Same controlling shareholder
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
    Dalian Casamotion Art Glass Co., Ltd.                                 Joint stock company
   Chengdu Xinchao Media Group Co., Ltd.                                  Joint stock company
Jiaxing Zhuiguang Intelligent Technology Co.,
                                                                  Subsidiary controlled by an associate
                    Ltd.
Other explanations: None
     (1). Related party transactions involving the purchase and sale of goods, and the provision and
     receipt of services
Table of purchases of goods/receipt of services
√Applicable □Not Applicable
                                                                                 Unit: Yuan     Currency: RMB
                                                              Approved
                      Nature of       Amount                                      Limit            Amount
                                                             Transaction
  Related Party     Related Party    Incurred in                               Exceeded (If       Incurred in
                                                              Limit (If
                     Transaction    Current Period                             Applicable)      Previous Period
                                                             Applicable)
Zhejiang Super
Lighting Electric
                     Purchase of
Appliance Co.,                          558,369.78            5,000,000.00          No             2,147,157.27
                    raw materials
Ltd. and its
subsidiaries
Zhejiang Jinling
Lighting
                     Purchase of
Electrical                           22,411,306.44           15,000,000.00         Yes           22,502,191.20
                    raw materials
Appliance Co.,
Ltd.
Suzhou        CM
                     Outsourced
Technology Co.,
                       mold          46,800,148.82          110,000,000.00          No           95,067,040.11
Ltd. and its
                    development
subsidiaries
Suzhou OPPLE
                     Property
Property
                    management           48,389.70                         -                     11,805,700.70
Management
                      service
Co., Ltd.
Shanghai Huida
Puzhao               Purchase of
Information          consulting      22,227,900.01           29,800,000.00          No           17,198,443.40
Technology Co.,       services
Ltd.
Zhuhai      XIMO     Purchase of
ELECTRIC INC.          goods
Suzhou      Zhipu
                     Purchase of
Intelligent Motor                    45,623,327.45           70,000,000.00          No           46,668,869.43
                       goods
Co., Ltd.
Jiaxing
Zhuiguang
                     Purchase of
Intelligent                          14,164,663.96                         -                     11,962,440.28
                       goods
Technology Co.,
Ltd.
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Suzhou
Shunheng New
                     Purchase of
Energy                                 8,844,375.46           25,000,000.00          No              6,407,885.73
                      electricity
Technology Co.,
Ltd.
Table of sales of goods/provision of services
√Applicable □Not Applicable
                                                                                  Unit: Yuan       Currency: RMB
                                                                                                      Amount
                                                                                   Amount
                                                Nature of Related Party                              Incurred in
              Related Party                                                       Incurred in
                                                     Transaction                                      Previous
                                                                                 Current Period
                                                                                                       Period
                                                 Sale of products and
Suzhou CM Technology Co., Ltd.                                                    2,559,105.95       2,559,653.91
                                                 provision of services
Suzhou OPPLE Real Estate Co., Ltd.                          Projects                           -      940,744.03
Suzhou OPPLE Real Estate Co., Ltd.                 Sale of products                 497,827.42        351,448.68
Shanghai OP Energy Technology Co.,
                                                   Sale of products                  20,210.62         14,026.55
Ltd.
Explanation of related party transactions involving purchase and sale of goods, and provision and receipt
of services
□Applicable √Not Applicable
     (2). Entrusted  management/contracting                  from      related     parties     and     delegated
     management/outsourcing by related parties
Table of entrusted management/contracting by the Company:
□Applicable √Not Applicable
Explanation of entrusted management/contracting from related parties
□Applicable √Not Applicable
Table of delegated management/outsourcing from the Company
□Applicable √Not Applicable
Explanation of delegated management/outsourcing by related parties
□Applicable √Not Applicable
                             Annual Report 2025 of OPPLE Lighting Co., Ltd.
    (3). Related party leases
The Company as lessor:
√Applicable □Not Applicable
                                                                              Unit: Yuan    Currency: RMB
                                                                  Lease Income              Lease Income
                                            Type of Assets
            Name of Lessee                                        Recognized in             Recognized in
                                               Leased
                                                                  Current Period           Previous Period
                                           Houses and
Suzhou CM Technology Co., Ltd.                                       16,107,377.97            13,659,067.39
                                           buildings
Suzhou OPPLE Property Management           Houses and
Co., Ltd.                                  buildings
Shanghai Huida Puzhao Information          Houses and
Technology Co., Ltd.                       buildings
                                           Houses and
Suzhou Zhipu Intelligent Motor Co., Ltd.                                987,510.83              859,267.33
                                           buildings
                                           Houses and
CM Technology (Zhongshan) Co., Ltd.                                   2,195,060.29                           -
                                           buildings
Shanghai OP Energy Technology Co.,         Houses and
Ltd.                                       buildings
                                                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
The Company as lessee:
√Applicable □Not Applicable
                                                                                                                                                   Unit: Yuan          Currency: RMB
                                              Amount Incurred in Current Period                                              Amount Incurred in Previous Period
                            Rental                                                                          Rental
                         Expenses for                                                                    Expenses for
                         Short-Term     Variable Lease                                                   Short-Term     Variable Lease
             Type of        Leases      Payments not                        Interest                        Leases      Payments not                       Interest
Name of
             Assets      Subjected to    Included in                       Expense         Increased     Subjected to    Included in                      Expense         Increased
Lessor
             Leased       Simplified    Measurement       Rent Paid       on Lease        Right-of-Use    Simplified    Measurement        Rent Paid     on Lease        Right-of-Use
                         Treatment or     of Lease                        Liabilities        Assets      Treatment or     of Lease                       Liabilities        Assets
                           Leases of    Liabilities (If                    Incurred                        Leases of    Liabilities (If                   Incurred
                          Low-Value      Applicable)                                                      Low-Value      Applicable)
                           Assets (If                                                                      Assets (If
                         Applicable)                                                                     Applicable)
             Houses
Wang
             and                                                      -                                                                     48,000.00
Yaohai
             buildings
Shanghai
             Houses
Ouzhi
             and                                          9,259,215.76                                                                    9,693,578.48
Investment
             buildings
Co., Ltd.
Zhongshan
             Houses
OPPLE
             and                                          8,861,973.16                                                                    5,166,874.86
Investment
             buildings
Co., Ltd.
Explanation of related party leases
□Applicable √Not Applicable
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (4). Related party guarantees
The Company as guarantor
□Applicable √Not Applicable
The Company as guaranteed party
□Applicable √Not Applicable
Explanation of related party guarantees
□Applicable √Not Applicable
     (5). Related party fund borrowing/lending
□Applicable √Not Applicable
     (6). Related party asset transfers and debt restructuring
□Applicable √Not Applicable
     (7). Key management remuneration
√Applicable □Not Applicable
                                                                        Unit: RMB 10,000 Currency: RMB
                                                                                      Amount Incurred in
               Item                       Amount Incurred in Current Period
                                                                                       Previous Period
Key management remuneration                                          1,180.06                      1,520.73
     (8). Other related party transactions
□Applicable √Not Applicable
     (1). Receivables
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
                                                           Closing Balance             Opening Balance
   Item                 Related Party                   Book         Bad-debt         Book        Bad-debt
                                                       Balance       Provision       Balance      Provision
Accounts     Suzhou CM Technology Co.,
receivable   Ltd.
Accounts     Suzhou OPPLE Real Estate Co.,
                                                                 -               -   379,402.35    2,563.05
receivable   Ltd.
Contract     Suzhou OPPLE Real Estate Co.,
assets       Ltd.
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
    (2). Payables
√Applicable □Not Applicable
                                                                               Unit: Yuan   Currency: RMB
                                                           Closing Book
         Item                 Related Party                                       Opening Book Balance
                                                             Balance
                       Suzhou                CM
Accounts payable       Technology Co., Ltd.                      174,157.03                  36,669,982.14
                       and its subsidiaries
                       Suzhou             Zhipu
Accounts payable       Intelligent Motor Co.,                   7,224,736.59                  8,810,924.32
                       Ltd.
                       Zhejiang          Jinling
Accounts payable       Lighting        Electrical               3,610,300.82                  4,438,112.65
                       Appliance Co., Ltd.
                       Zhuhai             XIMO
Accounts payable                                                           -                   162,884.81
                       ELECTRIC INC.
                       Zhejiang           Super
                       Lighting         Electric
Accounts payable                                                   1,641.80                     98,512.42
                       Appliance Co., Ltd. and
                       its subsidiaries
                       Jiaxing       Zhuiguang
Accounts payable       Intelligent Technology                   2,303,290.51                  3,215,995.21
                       Co., Ltd.
                       Shanghai Huida Puzhao
Accounts payable       Information                              1,228,050.00                   350,700.00
                       Technology Co., Ltd.
                       Suzhou                CM
Other payables                                                   300,000.00                    300,000.00
                       Technology Co., Ltd.
                       Zhejiang           Super
                       Lighting         Electric
Other payables                                                   200,000.00                    200,000.00
                       Appliance Co., Ltd. and
                       its subsidiaries
                       Zhejiang          Jinling
Other payables         Lighting        Electrical                300,000.00                   1,000,000.00
                       Appliance Co., Ltd.
                       Suzhou             Zhipu
Other payables         Intelligent Motor Co.,                    500,000.00                    300,000.00
                       Ltd.
                       Zhuhai             XIMO
Other payables                                                   200,000.00                    200,000.00
                       ELECTRIC INC.
                       Jiaxing       Zhuiguang
Other payables         Intelligent Technology                    300,000.00                    300,000.00
                       Co., Ltd.
    (3). Other items
□Applicable √Not Applicable
□Applicable √Not Applicable
                                   Annual Report 2025 of OPPLE Lighting Co., Ltd.
   □Applicable √Not Applicable
        XV. Share-based Payments
        (1). Details
   √Applicable □Not Applicable
                            Quantity Unit: 10,000 Shares             Amount Unit: 10,000 Yuan      Currency: RMB
                 Granted during the      Exercised during the           Vested during the      Forfeited during the
   Type of        Current Period           Current Period                Current Period          Current Period
  Recipient
                 Number      Amount      Number         Amount         Number     Amount       Number      Amount
Management
and technical     144.00      987.84       283.30                        283.30                  151.90    1,317.32
core staff
    Total         144.00      987.84       283.30                        283.30                  151.90    1,317.32
        (2). Outstanding stock options or other equity instruments at the end of the period
   □Applicable √Not Applicable
   √Applicable □Not Applicable
                                                                                    Unit: Yuan     Currency: RMB
   Recipients of equity-settled share-based payments            Management and technical core staff
                                                                The fair value of stock options is estimated using
                                                                the internationally accepted Black-Scholes option
   Method for determining the fair value of equity
                                                                pricing model; the fair value of restricted shares is
   instruments on the grant date
                                                                determined using the closing price of restricted
                                                                shares on the grant date
   Significant parameters of the fair value of equity
   instruments on the grant date
                                                                Best estimate based on subsequent information,
                                                                such as the latest changes in the number of
   Basis for determining the number of exercisable
                                                                employees expected to vest and restricted shares
   equity instruments
                                                                expected to unlock, is used to revise the estimated
                                                                number of exercisable equity instruments.
   Reasons for significant differences between the
   current period estimate and the previous period              None
   estimate
   Cumulative amount of equity-settled share-based
   payments recognized in capital reserve
   Other explanations:
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     On May 4, 2023, the 11th meeting of the 4th Board of Directors and the 9th meeting of the Fourth
Board of Supervisors of the Company deliberated and approved the Proposal on the First Grant of
Restricted Shares to Incentive Recipients under the 2023 Restricted Stock Incentive Plan, agreeing that the
Company would take May 4, 2023 as the grant date and grant a total of 6,798,000 restricted shares to 278
individuals at a grant price of RMB 9.52 per share. After the grant date, a total of 7 incentive recipients
voluntarily waived an aggregate of 260,000 granted restricted shares for personal reasons. The Company
actually granted 6,538,000 restricted shares to 271 individuals at a grant price of RMB 9.52 per share. The
Company completed the grant registration on June 19, 2023.
     The unlocking arrangement for the restricted shares granted this time is as shown in the table below:
     Exercise                                                                           Proportion of
 Period/Unlocking                   Exercise Time/Unlocking Time                    Exercisable/Unlockable
      Period                                                                                Shares
                        From the first trading day after the 12 months
period/unlocking        (and including) the last trading day within the 24                    30%
period                  months following the grant registration completion
                        date
                        From the first trading day after the 24 months
period/unlocking        (and including) the last trading day within the 36                    30%
period                  months following the grant registration completion
                        date
                        From the first trading day after the 36 months
period/unlocking        (and including) the last trading day within the 48                    40%
period                  months following the grant registration completion
                        date
     On June 22, 2024, the Company announced the Proposal Regarding the Satisfaction of the Unlocking
Conditions for the First Lock-up Period of the First Grant Portion under the 2023 Restricted Stock
Incentive Plan, which was deliberated and approved at the 18th meeting of the 4th Board of Directors and
the 14th meeting of the Fourth Board of Supervisors. A total of 1,610,220 restricted shares that met the
conditions for lifting the trading restrictions this time were unlocked and listed for trading on August 23,
     On November 7, 2023, the 15th meeting of the 4th Board of Directors and the 12th meeting of the
Fourth Board of Supervisors of the Company deliberated and approved the Proposal Regarding the Grant
of Reserved Restricted Shares to Incentive Recipients, agreeing that the Company would take November 7,
grant price of RMB 9.52 per share. After the grant date, the Company actually granted 575,000 restricted
shares to 13 individuals at a grant price of RMB 9.52 per share. The Company completed the grant
registration on January 2, 2024.
     The unlocking arrangement for the restricted shares granted this time is as shown in the table below:
     Exercise                                                                           Proportion of
 Period/Unlocking                   Exercise Time/Unlocking Time                    Exercisable/Unlockable
      Period                                                                                Shares
                        From the first trading day after the 12 months
period/unlocking        (and including) the last trading day within the 24                    30%
period                  months following the grant registration completion
                        date
period/unlocking        following the grant registration completion date to                   30%
period                  (and including) the last trading day within the 36
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                        months following the grant registration completion
                        date
                        From the first trading day after the 36 months
period/unlocking        (and including) the last trading day within the 48                   40%
period                  months following the grant registration completion
                        date
     On August 26, 2024, the 1st meeting of the 5th Board of Directors and the 1st meeting of the Fifth
Board of Supervisors of the Company deliberated and approved the Proposal on the First Grant of
Restricted Shares to Incentive Recipients under the 2024 Restricted Stock Incentive Plan, agreeing that the
Company would take August 28, 2024 as the grant date and grant 5,957,600 restricted shares to 320
eligible incentive recipients at a grant price of RMB 7.76 per share. After the grant date, a total of 9
incentive recipients voluntarily waived all of their granted restricted shares for personal reasons, and 1
incentive recipient voluntarily waived part of their granted restricted shares for personal reasons, totaling
a grant price of RMB 7.76 per share. The Company completed the grant registration on October 8, 2024.
     The unlocking arrangement for the restricted shares granted this time is as shown in the table below:
     Exercise                                                                          Proportion of
 Period/Unlocking                   Exercise Time/Unlocking Time                   Exercisable/Unlockable
      Period                                                                               Shares
                        From the first trading day after the 12 months
period/unlocking        (and including) the last trading day within the 24                   30%
period                  months following the grant registration completion
                        date
                        From the first trading day after the 24 months
period/unlocking        (and including) the last trading day within the 36                   30%
period                  months following the grant registration completion
                        date
                        From the first trading day after the 36 months
period/unlocking        (and including) the last trading day within the 48                   40%
period                  months following the grant registration completion
                        date
     On August 5, 2025, the 6th meeting of the 5th Board of Directors and the 6th meeting of the Fifth
Board of Supervisors of the Company deliberated and approved the Proposal Regarding the Grant of 2024
Reserved Restricted Shares to Incentive Recipients, agreeing that the Company would take August 5,
price of RMB 6.86 per share. during the capital contribution process, no incentive recipients voluntarily
gave up subscribing to the granted restricted shares. The actual number of incentive recipients
participating in the subscription was 47, and the actual number of granted restricted shares was 1,440,000
shares. The Company completed the grant registration on September 17, 2025.
     The unlocking arrangement for the restricted shares granted this time is as shown in the table below:
     Exercise                                                                           Proportion of
Period/Unlocking                   Exercise Time/Unlocking Time                     Exercisable/Unlockable
      Period                                                                                Shares
period/unlocking      the grant registration completion date to (and including)               30%
period                the last trading day within the 24 months following the
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
                       grant registration completion date
                       From the first trading day after the 24 months following
                       the grant registration completion date to (and including)
period/unlocking                                                                               30%
                       the last trading day within the 36 months following the
period
                       grant registration completion date
                       From the first trading day after the 36 months following
                       the grant registration completion date to (and including)
period/unlocking                                                                               40%
                       the last trading day within the 48 months following the
period
                       grant registration completion date
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                 Unit: Yuan   Currency: RMB
                                        Equity-settled Share-based               Cash-settled Share-based
         Type of Recipient
                                           Payment Expenses                        Payment Expenses
Management and technical core
staff
               Total                                        19,320,543.41
Other explanations: None
□Applicable √Not Applicable
□Applicable √Not Applicable
    XVI.       Commitments and Contingencies
□Applicable √Not Applicable
    (1). Significant contingencies existed on the balance sheet date
□Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2). Explanation shall also be made if the Company has no significant contingencies to be
     disclosed:
□Applicable √Not Applicable
□Applicable √Not Applicable
     XVII.     Events after the Balance Sheet Date
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                                                 Unit: Yuan   Currency: RMB
Profits or dividends to be distributed                                                         628,986,174.75
Profits or dividends declared to be
distributed after deliberation and approval
      After being reviewed and approved at the 11th meeting of the 5th Board of Directors held on April
dividend of RMB 8.5 (including tax) for every 10 shares, based on the total share capital of the Company
minus the number of shares in the special repurchase account. Based on the total share capital as of the
disclosure date of this Report (743,207,949 shares) minus the number of shares in the special repurchase
account (3,224,214 shares), the estimated amount of cash dividends (including tax) is RMB
in 2025. The final total actual distribution amount shall be calculated based on the total number of shares
entitled to the equity distribution at the registration date of the actual equity distribution, minus the number
of shares in the special repurchase account. If there is a change in the total share capital and the number of
shares in the special repurchase account before the equity registration date for equity distribution, the
Company intends to maintain the same distribution amount per share and adjust the total distribution
amount accordingly. In 2025, the Company proposed not to offer bonus shares to shareholders or to
convert capital reserves into share capital.
      Meanwhile, the Company’s Board of Directors requests the General Meeting of Shareholders to
authorize the Board of Directors to determine and implement the Company’s 2026 interim profit
distribution scheme, provided that the conditions for profit distribution are met. The aforementioned 2025
annual profit distribution scheme and the authorization for the 2026 interim profit distribution are still
subject to submission to the Company’s General Meeting of Shareholders for deliberation.
□Applicable √Not Applicable
□Applicable √Not Applicable
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
    XVIII.    Other Material Matters
Refer to Analysis and Explanation by the Company on the Reasons for and Impacts of Changes in
Accounting Policies and Accounting Estimates, or Corrections of Material Accounting Errors under
Material Matters
□Applicable √Not Applicable
    (1). Non-monetary asset exchange
□Applicable √Not Applicable
    (2). Other assets replacement
□Applicable √Not Applicable
□Applicable √Not Applicable
□Applicable √Not Applicable
    (1). Determination basis and accounting policy for reportable segments
□Applicable √Not Applicable
    (2). Financial information of reportable segments
□Applicable √Not Applicable
    (3). The Company shall explain the reason if there is no reportable segment, or it can not
    disclose the total assets and total liabilities in the reportable segments.
□Applicable √Not Applicable
    (4). Other explanations
□Applicable √Not Applicable
√Applicable □Not Applicable
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Amusement Co., Ltd. under Hubei Wudang Taijihu Investment Co., Ltd.
     Hubei Wudang Taiji Lake Water Amusement Co., Ltd. under Hubei Wudang Taijihu Investment Co.,
Ltd. (hereinafter referred to as “Taiji Lake Company”) is a customer of the Company. As of December 31,
Company, on December 30, 2014, the Company filed a lawsuit with the Shiyan City Intermediate People’s
Court in Hubei Province against Taiji Lake Company regarding the goods payment owed by it. On May 7,
of the buildings and land use rights of its subsidiary, OPPLE Electric, as security for such property
preservation. On June 30, 2015, the Shiyan City Intermediate People's Court in Hubei Province ruled in
favor of the Company in the first-instance judgment. The case is currently under enforcement. As of the
date of this Report, the Company has not yet received any payment. Therefore, based on the principle of
prudence, the Company had previously made a full provision for impairment against this accounts
receivable.
      GOME Appliance Co., Ltd. and its subsidiaries (hereinafter referred to as “Gome”) are customers of
the Company. As of December 31, 2025, the Company’s accounts receivable balance due from Gome was
RMB 13,449,405.02. In light of Gome’s current financial liquidity crisis and credit rating downgrade, and
after unsuccessful collection efforts regarding the overdue payments, the Company filed a lawsuit with the
people’s court on December 30, 2022 against Gome concerning the outstanding goods payment. On
August 26, 2024, the Beijing Chaoyang District People's Court ruled in favor of the Company in the
first-instance judgment. The case is currently under enforcement. Based on the principle of prudence, the
Company performed impairment testing on all accounts receivables due from GOME Appliance Co., Ltd.
and its subsidiaries, and made a full provision for impairment.
□Applicable √Not Applicable
     XIX.       Notes to Major Items of the Parent Company's Financial Statement
     (1). Disclosure by Aging
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
               Aging                     Closing Book Balance                    Opening Book Balance
Within 1 year (inclusive)                                  160,254,763.67                    208,866,597.11
Within 1 year                                              160,254,763.67                    208,866,597.11
More than 3 years                                           14,220,760.46                     14,424,547.48
               Total                                       180,504,176.53                    225,774,632.16
                                                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2). Disclosure by Bad Debt Provision Method
√Applicable □Not Applicable
                                                                                                                                                Unit: Yuan       Currency: RMB
                                              Closing Balance                                                                      Opening Balance
                      Book Balance                Bad-debt Provision                                       Book Balance                Bad-debt Provision
  Category                                                                        Carrying                                                                           Carrying
                                                                  Provision                                                                          Provision
                                 Proportion                                       Amount                              Proportion                                     Amount
                   Amount                         Amount            Ratio                               Amount                         Amount          Ratio
                                    (%)                                                                                  (%)
                                                                     (%)                                                                                (%)
Provision for
bad debts on
an individual
basis:
Including:
Accounts
receivable
with
individually
significant
amount and a
provision for
bad debt on an
individual
basis
                                                            Annual Report 2025 of OPPLE Lighting Co., Ltd.
Accounts
receivable
with an
insignificant
single amount
but a
provision for
bad debt on an
individual
basis
Provision for
bad debts on a    165,000,715.29    91.41    2,706,005.08          1.64    162,294,710.21     209,852,011.52    92.94    1,483,074.49    0.71   208,368,937.03
portfolio basis
Including:
Related
parties           115,292,425.22    63.87               -              -   115,292,425.22     171,967,120.95    76.16               -       -   171,967,120.95
portfolio
Portfolio
based on           49,708,290.07    27.54    2,706,005.08          5.44     47,002,284.99      37,884,890.57    16.78    1,483,074.49    3.91    36,401,816.08
aging analysis
    Total         180,504,176.53   100.00   17,020,899.46          9.43    163,483,277.07     225,774,632.16   100.00   15,807,191.58    7.00   209,967,440.58
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
Provision for bad debts on an individual basis:
√Applicable □Not Applicable
                                                                                Unit: Yuan     Currency: RMB
                                                              Closing Balance
         Name                                      Bad-debt            Provision Rate            Reason for
                           Book Balance
                                                   Provision                (%)                  Provision
Taiji Lake Group
Hubei Wudang Taiji                                                                           See Note XVIII, 7
Lake            Water                                                                        for details.
Recreation Co., Ltd.
Others                        4,831,223.66         3,642,656.80                    75.40
         Total               15,503,461.24        14,314,894.38                    92.33              /
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
√Applicable □Not Applicable
Portfolio provision items: Portfolio based on aging analysis
                                                                                Unit: Yuan     Currency: RMB
                                                              Closing Balance
         Name
                               Book Balance                  Bad-debt Provision            Provision Rate (%)
Within 1 year                       43,772,798.98                      947,725.51                           2.17
More than 3 years                      148,760.09                      148,760.09                         100.00
         Total                      49,708,290.07                    2,706,005.08                           5.44
Explanation of provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of accounts receivable that experienced a change in
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
loss provision during this period:
□Applicable √Not Applicable
     (3). Bad Debt Provisions
√Applicable □Not Applicable
                                                                                     Unit: Yuan    Currency: RMB
                                                  Changes in Current Period
                  Opening                             Recovery          Charge-off                    Closing
 Category                                                                               Other
                  Balance             Provision          or                or                         Balance
                                                                                       Changes
                                                      Reversal          Write-off
Accounts
Receivable
   Total        15,807,191.58        1,213,707.88                   -            -            -     17,020,899.46
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
     (4). Receivables written off in current period
□Applicable √Not Applicable
Significant write-off of accounts receivable
□Applicable √Not Applicable
Description of write-off of accounts receivable:
□Applicable √Not Applicable
     (5). Accounts receivable and contract assets from the top five debtors based on the closing
     balance
√Applicable □Not Applicable
                                                                                     Unit: Yuan    Currency: RMB
                                                                                 Percentage to
                                                                 Closing
                                                                                 Total Closing
                     Closing             Closing                Balance of                            Closing
                                                                                  Balance of
                    Balance of          Balance of              Accounts                             Balance of
   Name                                                                            Accounts
                    Accounts             Contract             Receivable and                         Bad Debt
                                                                                  Receivable
                    Receivable            Assets                 Contract                            Provision
                                                                                 and Contract
                                                                  Assets
                                                                                  Assets (%)
No. 1              42,701,844.45                      -        42,701,844.45               23.20                  -
No. 2              34,860,989.09                      -        34,860,989.09               18.94                  -
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
No. 3                  18,368,095.00                  -        18,368,095.00             9.98                   -
No. 4                  13,421,520.42                  -        13,421,520.42             7.29                   -
No. 5                   5,556,809.99       257,994.00           5,814,803.99             3.16      165,532.10
    Total           114,909,258.95         257,994.00         115,167,252.95            62.57      165,532.10
Other explanations: None
Other explanations:
□Applicable √Not Applicable
Item presentation
√Applicable □Not Applicable
                                                                                  Unit: Yuan    Currency: RMB
                Item                             Closing Balance                       Opening Balance
Interest receivable                                                   17,944.31                                 -
Dividends receivable                                          276,557,680.67                    276,557,680.67
Other receivables                                             304,223,920.36                    346,482,337.60
Total                                                         580,799,545.34                    623,040,018.27
Other explanations:
□Applicable √Not Applicable
    Interest receivable
(1) Classification of interest receivable
√Applicable □Not Applicable
                                                                                  Unit: Yuan    Currency: RMB
               Item                          Closing Balance                         Opening Balance
Interest receivable                                                 17,944.31                               -
               Total                                                17,944.31                               -
(2) Significant overdue interest
□Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
(3). Classification and disclosure by bad debt provision
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
(4). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of interest receivable that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
(5). Provision for bad debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(6). Accounts receivable actually written off during the current period
□Applicable √Not Applicable
Significant write-off of interest receivable
□Applicable √Not Applicable
Write-off explanation:
□Applicable √Not Applicable
                                   Annual Report 2025 of OPPLE Lighting Co., Ltd.
Other explanations:
□Applicable √Not Applicable
    Dividends receivable
(1) Dividends receivable
√Applicable □Not Applicable
                                                                                    Unit: Yuan   Currency: RMB
           Project (or Investee)                     Closing Balance                     Opening Balance
Suzhou OPPLE Lighting Co., Ltd.                                 276,557,680.67                   276,557,680.67
Subtotal                                                        276,557,680.67                   276,557,680.67
Less: bad debt provision                                                     -                                -
                  Total                                         276,557,680.67                   276,557,680.67
(2) Significant dividends receivable with aging over one year
□Applicable √Not Applicable
(3). Classification and disclosure by bad debt provision
□Applicable √Not Applicable
Provision for bad debts on an individual basis:
□Applicable √Not Applicable
Explanation of provision for bad debts on an individual basis:
□Applicable √Not Applicable
Provision for bad debts on a portfolio basis:
□Applicable √Not Applicable
(4). Provision for bad debts based on the general model of expected credit losses
□Applicable √Not Applicable
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of dividends receivable that experienced a change
in loss provision during this period:
□Applicable √Not Applicable
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
(5). Provision for bad debts
□Applicable √Not Applicable
Including: recoveries and reversals of bad debt provisions of material amounts
□Applicable √Not Applicable
Other explanations: None
(6). Dividends receivable actually written off during the current period
□Applicable √Not Applicable
Significant write-off of dividends receivable
□Applicable √Not Applicable
Write-off explanation:
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
    Other receivables
(1) Disclosure by aging
√Applicable □Not Applicable
                                                                                Unit: Yuan   Currency: RMB
                Aging                     Closing Book Balance                   Opening Book Balance
Within 1 year (inclusive)                                  297,987,292.28                    341,223,298.42
Within 1 year                                              297,987,292.28                    341,223,298.42
More than 3 years                                            6,450,886.83                      5,219,885.91
                Total                                      308,610,962.12                    350,972,976.44
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
(2). Classification by nature of payment
√Applicable □Not Applicable
                                                                                   Unit: Yuan   Currency: RMB
        Nature of payment                  Closing Book Balance                      Opening Book Balance
Accounts receivable from entities
within the scope of consolidation
Deposit and security                                         11,134,986.09                         7,768,711.77
Employee reserve fund                                             277,478.64                       3,699,730.73
Advanced five social insurance
and one housing fund
Accounts receivable from other
entities
                Total                                       308,610,962.12                       350,972,976.44
(3). Provision for bad debts
√Applicable □Not Applicable
                                                                                 Unit: Yuan     Currency: RMB
                            Stage 1              Stage 2                       Stage 3
                                          Expected Credit Loss         Expected Credit Loss
Bad-debt Provision      Expected Credit                                                             Total
                                            Within the Entire           Within the Entire
                         Loss over the
                                           Duration (Without           Duration (with Credit
                        Next 12 Months
                                           Credit Impairment)              Impairment)
Balance as of
January 1, 2025
Changes in the
balance as of
January 1, 2025, in
current period
--Transferred to
                                      -                            -                       -                    -
Stage 2
--Transferred to
                                      -                            -                       -                    -
Stage 3
--Transferred back
                                      -                            -                       -                    -
to Stage 2
--Transferred back
                                      -                            -                       -                    -
to Stage 1
Provision in current
                                      -                            -             285,476.57         285,476.57
period
Current reversal              3,035.08                             -                       -           3,035.08
Current charge-off                    -                            -                       -                    -
Current write-off                     -                            -             386,038.57         386,038.57
Other changes                         -                            -                       -                    -
Balance as of
December 31, 2025
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
Basis for classification into stages and provision rate for bad debts: None
Explanation of significant changes in the book balance of other receivables that experienced a change in
loss provision during this period:
□Applicable √Not Applicable
Basis for provision for bad debt and assessment of a significant increase in credit risk of financial
instruments during the current period:
□Applicable √Not Applicable
(4). Provision for bad debts
√Applicable □Not Applicable
                                                                                 Unit: Yuan       Currency: RMB
                                                 Changes in Current Period
                  Opening                                                                             Closing
 Category                                        Recovery or      Charge-off or      Other
                  Balance         Provision                                                           Balance
                                                  Reversal         Write-off        Changes
Other
receivables
   Total         4,490,638.84    285,476.57         3,035.08        386,038.57                -     4,387,041.76
Significant reversal or recovery of bad debt provision in current period:
□Applicable √Not Applicable
Other explanations: None
(5). Other receivables actually written off during the current period
√Applicable □Not Applicable
                                                                                 Unit: Yuan       Currency: RMB
                        Item                                             Write-off Amount
Other receivables actually written off                                                               386,038.57
Significant write-off of other receivables:
□Applicable √Not Applicable
Description of write-off of other receivables:
□Applicable √Not Applicable
                                  Annual Report 2025 of OPPLE Lighting Co., Ltd.
   (6) Other receivables from the top five debtors based on the closing balance
   √Applicable □Not Applicable
                                                                                    Unit: Yuan     Currency: RMB
                                         Percentage of
                                         Total Closing                                                 Bad-debt
                                          Balance of                                                   Provision
    Name           Closing Balance                                  Nature              Aging
                                             Other                                                      Closing
                                          Receivables                                                   Balance
                                              (%)
OPPLE                                                         Accounts
(Zhongshan)                                                   receivable from
                                                                                       Within 1
Intelligent         260,000,000.00                84.25       entities within the                                  -
                                                                                        year
Technology                                                    scope of
Co., Ltd.                                                     consolidation
Huazhu Hotel
                                                              Deposit and              Within 1
Management               1,300,000.00               0.42                                                           -
                                                              security                  year
Co., Ltd.
Shenzhen
Bokala Home                                                   Deposit and
Technology                                                    security
Co., Ltd.
                                                              Accounts
OPPLE Zhihui
                                                              receivable from
(Shenzhen)                                                                             Within 1
Technology                                                                              year
                                                              scope of
Co., Ltd.
                                                              consolidation
Sany
Automobile                                                    Deposit and              More than
Manufacturing                                                 security                  3 years
Co., Ltd.
    Total           263,989,893.00                85.54                /                   /                       -
   (7) Presented as other receivables due to centralized fund management
   □Applicable √Not Applicable
   Other explanations:
   □Applicable √Not Applicable
                                            Annual Report 2025 of OPPLE Lighting Co., Ltd.
       √Applicable □Not Applicable
                                                                                                    Unit: Yuan       Currency: RMB
                                         Closing Balance                                            Opening Balance
      Item                                  Provision                                                  Provision
                                                              Carrying                                                   Carrying
                       Book Balance            for                                Book Balance            for
                                                              Amount                                                     Amount
                                           Impairment                                                 Impairment
Investment      in
subsidiaries
Investment      in
associates     and       6,081,672.76                -        6,081,672.76          7,312,941.11                 -       7,312,941.11
joint ventures
      Total           1,128,653,584.60               -     1,128,653,584.60      1,098,776,452.95                -    1,098,776,452.95
                                                        Annual Report 2025 of OPPLE Lighting Co., Ltd.
    (1) Investment in subsidiaries
√Applicable □Not Applicable
                                                                                                                                       Unit: Yuan    Currency: RMB
                                               Opening                   Increase/Decrease in Current Period                                             Closing
                         Opening Balance      Balance of                                                                          Closing Balance       Balance of
      Investee                                                  Additional           Reduction in       Provision for
                        (Carrying Amount)   Provision for                                                               Others   (Carrying Amount)     Impairment
                                             Impairment         Investment            Investment         Impairment                                      Reserve
Suzhou OPPLE
Lighting Co., Ltd.
Shanghai Shanglong
Lighting Co., Ltd.
Shanghai Qianlong
Energy Conservation         15,163,479.60                   -                -                      -               -        -       15,163,479.60                   -
Technology Co., Ltd.
Shanghai Kupu
Lighting Co., Ltd.
OPPLE Lighting
Appliances
(Zhongshan) Co.,
Ltd.
OPPLE Lighting
International Holding      154,822,775.00                   -   43,208,400.00                       -               -        -      198,031,175.00                   -
Limited
Shanghai Pushi
Lighting Co., Ltd.
Shanghai Haoshi
Lighting Co., Ltd.
Shanghai OPPLE
Jiedeng Lighting Co.,        8,411,840.30                   -                -                      -               -        -        8,411,840.30                   -
Ltd.
Shanghai OPPLE
Weishang Building
                                          Annual Report 2025 of OPPLE Lighting Co., Ltd.
Materials Co., Ltd.
OPPLE Intelligent
Lighting Technology     100,000,000.00     -                  -                      -     -   -    100,000,000.00    -
Co., Ltd.
OPPLE (Zhongshan)
Intelligent             300,000,000.00     -                  -                      -     -   -    300,000,000.00    -
Technology Co., Ltd.
Suzhou OPPLE
Intelligent Lighting     35,350,000.00     -                  -                      -     -   -     35,350,000.00    -
Co., Ltd.
Guangxi Ouheng
Intelligent                 500,000.00     -                  -             500,000.00     -   -                  -   -
Technology Co., Ltd.
OPPLE Zhihui
(Shenzhen)                 7,000,000.00    -                  -                      -     -   -       7,000,000.00   -
Technology Co., Ltd.
OPPLE Intelligent
(Hangzhou)                 6,600,000.00    -                  -         6,600,000.00       -   -                  -   -
Technology Co., Ltd.
OPPLE Zhicheng
Technology               40,000,000.00     -                  -                      -     -   -     40,000,000.00    -
(Shenzhen) Co., Ltd.
OPPLE Zhicheng
Technology (Henan)         2,000,000.00    -                  -                      -     -   -       2,000,000.00   -
Co., Ltd.
Kaiyun (Shanghai)
Enterprise
Management               36,963,183.00     -                  -                      -     -   -     36,963,183.00    -
Partnership (Limited
Partnership)
        Total          1,091,463,511.84    -    43,208,400.00         12,100,000.00        -   -   1,122,571,911.84   -
                                                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (2) Investment in joint ventures and associates
√Applicable □Not Applicable
                                                                                                                                        Unit: Yuan    Currency: RMB
                                                                     Increase/Decrease in Current Period
                                                              Investment
                                                                                                            Cash
                     Opening                                   Gains and                                                                       Closing          Closing
                                                                            Adjustments to               Dividends
                     Balance                     Reduction      Losses                       Changes                    Provision              Balance         Balance of
    Investor                        Additional                                  Other                     or Profits
                    (Carrying                        in       Recognized                     in Other                      for      Others    (Carrying       Impairment
                                    Investment                              Comprehensive                 Declared
                    Amount)                      Investment    under the                     Equities                  Impairment             Amount)           Reserve
                                                                               Income                        and
                                                                Equity
                                                                                                         Distributed
                                                                Method
I. Joint venture
II. Associates
Zhuhai Ximo
Electric Inc.
Suzhou Pupo
Enterprise
Management
Partnership                     -            -            -              -                             -           -            -        -                -             -
Enterprise
(Limited
Partnership)
       Total       7,312,941.11              -            -              -    -1,231,268.35            -           -            -        -   6,081,672.76               -
     Due to sustained losses of Suzhou Pubo Enterprise Management Partnership (Limited Partnership), as of December 31, 2025, the Company's long-term equity
investment in Suzhou Pubo Enterprise Management Partnership (Limited Partnership), accounted for using the equity method, has been written down to zero.
                                 Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (3). Impairment testing of long-term equity investments
□Applicable √Not Applicable
Other explanations: None
    (1) Operating revenue and operating costs
√Applicable □Not Applicable
                                                                                  Unit: Yuan    Currency: RMB
                    Amount Incurred in Current Period                Amount Incurred in Previous Period
   Item
                      Revenue                   Cost                   Revenue                     Cost
Main
businesses
Other
businesses
   Total          4,191,304,416.02         3,059,318,882.81          4,471,022,757.37          3,274,590,571.15
    (2). Breakdown of operating revenue and operating costs
√Applicable □Not Applicable
                                                                                  Unit: Yuan    Currency: RMB
                                Amount for the Current Period                Amount for the Previous Period
           Item
                          Operating revenue        Operating costs       Operating revenue        Operating costs
Product type
   Lighting industry       4,184,813,252.58        3,056,729,374.72        4,463,008,955.02       3,272,532,979.36
          Total            4,184,813,252.58        3,056,729,374.72        4,463,008,955.02       3,272,532,979.36
By region
    Domestic sales         4,184,813,252.58        3,056,729,374.72        4,463,008,955.02       3,272,532,979.36
          Total            4,184,813,252.58        3,056,729,374.72        4,463,008,955.02       3,272,532,979.36
Other explanations:
□Applicable √Not Applicable
    (3) Explanation of performance obligations
□Applicable √Not Applicable
    (4) Explanation of allocation to remaining performance obligations
□Applicable √Not Applicable
                                Annual Report 2025 of OPPLE Lighting Co., Ltd.
     (5) Major contract changes or significant adjustments to transaction prices
□Applicable √Not Applicable
Other explanations: None
√Applicable □Not Applicable
                                                                                  Unit: Yuan   Currency: RMB
                                              Amount Incurred in Current          Amount Incurred in Previous
                     Item
                                                       Period                              Period
Long-term equity investment income
measured with the cost method
Income from long-term equity
investments accounted for using the                               -1,231,268.35                     -96,887.70
equity method
Investment income from disposing of
                                                                              -                              -
held-for-trading financial assets
Investment income from disposal of
financial assets measured at fair value                           71,647,732.49                  58,547,403.02
through profit or loss
Investment income from disposing of
                                                                              -                    915,735.63
long-term equity investment
                   Total                                      243,957,225.26                    405,702,165.45
Other explanations: None
□Applicable √Not Applicable
     XX. Supplementary Information
√Applicable □Not Applicable
                                                                                  Unit: Yuan   Currency: RMB
                        Item                                        Amount                     Remarks
Gains and losses from the disposal of non-current
assets, including the reversal of recognized                           -654,007.78
impairment provisions for assets
Governmental subsidies recognized in the current
profit or loss, except those that are closely related
to the Company's normal operations, comply with
national policies, are entitled under established
criteria, and have a continuous impact on the
Company's profit or loss
Gains and losses arising from changes in the fair
value of financial assets and financial liabilities                  81,916,662.59
held by non-financial enterprises, as well as gains
                               Annual Report 2025 of OPPLE Lighting Co., Ltd.
and losses from the disposal of financial assets and
financial liabilities, except for effective hedging
transactions related to the Company's normal
operations
Gains and losses from entrusted investment or
                                                                       -878,741.62
management of assets
Reversal of impairment provision for receivables
subject to separate impairment tests
Gains and losses from debt restructuring                                          -
Other non-operating revenue and expenses,
excluding the above items
Other profit and loss items that meet the definition
of non-recurring gains and losses
Subtotal                                                            172,320,343.97
Less: Impact of income tax                                           -31,170,348.06
Impact of minority equity (after-tax)                                      1,770.39
                       Total                                        141,151,766.30
Explanations shall be made for the Company's recognition of items not listed in the Explanatory
Announcement No. 1 on Information Disclosure by Companies Publicly Offering Securities –
Non-recurring gains and losses as items of non-recurring gains and losses with significant amounts, as
well as the classification of items of non-recurring gains and losses listed in the Announcement as items of
recurring gains and losses.
□Applicable √Not Applicable
Other explanations:
□Applicable √Not Applicable
√Applicable □Not Applicable
                                                         Weighted                 Earnings per Share
                                                          Average
      Profits during the Reporting Period                                  Basic Earnings    Diluted Earnings
                                                         Return on
                                                         Equity (%)          per Share          per Share
Net profit attributable to the Company's
ordinary shareholders
Net profit attributable to the Company's
ordinary shareholders after the deduction of the                   11.53              1.06               1.06
non-recurring gains and losses
                              Annual Report 2025 of OPPLE Lighting Co., Ltd.
□Applicable √Not Applicable
□Applicable √Not Applicable
                                                                               Chairman: Wang Yaohai
                                Date of submission approved by the Board of Directors: April 22, 2026
Revision
□Applicable √Not Applicable